“To incorporate or not to incorporate: that is the question.” Running a business can be overwhelming, especially when it comes to matters such as incorporation. Because Shakespeare is no longer available, and not a tax professional, we would be happy to discuss these issues with you. With the new tax bill in effect now, we’d […]Read More
The Bottom Line
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Should you contribute to a Roth IRA or a Traditional IRA? Like many questions having to do with taxes, the answer is, “it depends.” We know, it’s frustrating to hear “it depends” when you simply want a black and white answer. Unfortunately, the world is more gray than black and white. The good news is […]Read More
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 […]Read More
Use your Required Minimum Distributions to Make Charitable Contributions A client walks into our office and says, “I’m glad Congress raised the standard deduction but I’m not getting the benefit of a tax break anymore for giving to my church and I’d really like to keep making charitable contributions to them.” After handing him a […]Read More
Selling your Rental Property? Consider These Factors First A client comes in and hands us a settlement statement from a Sale of Rental on a house. They had to take $5,000 to closing and were upset because of the money they lost on the rental. To make matters worse, we had to deliver the unfortunate […]Read More
Standard Deduction and Personal Exemptions Changes Standard Deduction Taxpayers may reduce their adjusted gross income (AGI) by the standard deduction (or sum of itemized deductions) to determine their taxable income. Under the previous law (for 2017 earnings, which you filed in 2018,) the standard deduction rates were: $13,000 for married individuals filing jointly and surviving […]Read More