“You can’t look rich to the bank and poor to the IRS at the same time” – Kevin Wrobel Everybody wants advice on how to pay less taxes. That is good advice; however, if you desire to obtain a loan or sell your business for maximum value, you don’t want your company to look like […]
The True Cost of Doing Your Own Tax Returns
Doing your own tax return can save you the preparation fee of a few hundred dollars for an individual tax return. However, if you do them incorrectly, you could cost yourself thousands of dollars. If you file an incorrect tax return, you can be in for some major trouble and expense, you can pay more […]
Who Are You?
There’s who you think you are and who you really are. We all question who we are at some point during our lives, but did you know it’s an important tax topic too? Taxes differ depending on who you are, so it’s crucial you know who you (and your business) are. A real estate agent […]
The New (2018) Tax Brackets
In 2017, Congress passed the most significant tax reform since 1986. A specific change to the law is in the Marginal Tax Brackets, or what most people call “Tax Brackets.” Tax brackets are ranges of incomes taxed at a given rate. The new tax bracket rates came into effect on January 1, 2018 and guess […]
What’s new in 2013?
The American Taxpayer Relief Act of 2012, which was signed on January 2, 2013, did not make major changes in the tax rules governing most Americans. But it did create significant tax increases for high-earners. The thresholds identifying “high-earners” differ from one tax provision to the next, leaving many who don’t consider themselves wealthy exposed […]
IRS Plans Jan. 30 Tax Season Opening For 1040 Filers
[IR-2013-2, Jan. 8, 2013] WASHINGTON — Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. The IRS will begin accepting tax returns on that […]
Focus on your strengths to improve profits
The conventional response to today’s lackluster economy is to focus on cutting business costs. That’s good advice up to a point, but eventually paring down becomes counter-productive. Once you’re done, you’re still stalled in the same economic doldrums. Rather than restricting your strategy to cost-cutting, play to your strengths. What product, service, or other customer […]
Consumer Fraud Alert!
The IRS is warning people to be aware of fraud connected with Hurricane Sandy. As is usually the case following a natural disaster, scam artists are impersonating charities to get money or financial information from those wanting to help victims of the storm. The scammers contact people by phone, social media, e-mail, or in person. […]
Get a head start on your 1099 reporting
January is always a busy month for companies. You’re trying to get business off to a good start in the new year while trying to close the books on last year, and on top of that there’s 1099 reporting to complete by month-end. There are several variations of the information returns known as Form 1099. […]
New Tax & Credit Limits for 2013
2013 tax numbers recently published by the IRS and Social Security Administration: * SOCIAL SECURITY taxable wage limit increases from 2012 limit of $110,100 to $113,700 for 2013. Retirees under full retirement age can earn up to $15,120 without losing benefits. * 401(k) MAXIMUM salary deferral increases from 2012 limit of $17,000 to $17,500. The […]