Blog

Tuesday Tax Tips For The Self-Employed

Whether you’re driving for Uber or Lyft in your free time, doing some freelance work on the side or starting your own photography business, being self-employed or working a side gig can be an exciting opportunity full of independence, self-determination and new challenges. The self-employment tax (15.3%) must be paid by self-employed individuals. The Social Security tax […]

Hustling for Extra Income? Don’t Forget the Taxman!

Making side income is easier than ever now with jobs ranging anywhere from ridesharing to delivery services. What a lot of these sites fail to inform you, is the tax implications that come from the additional income. Here are five tips to help you stay on top of your side hustle taxes:   Business or […]

Six Ideas to Help Your Business Survive AND Thrive

If you are like millions of taxpayers trying to make a living running a small business, you know it is tough out there. Here are six ideas to help your business survive and thrive. 1. Understand your cash flow. One of the biggest causes of business failure is lack of positive cash flow. At the end […]

Fraud? Negligence? Know the Difference!

Each year the IRS opens thousands of investigations looking for possible tax fraud. In 2017 alone, the Criminal Investigation (CI) arm of the IRS identified $2.5 billion in potential tax fraud with a 91.5 percent conviction rate. While the IRS takes tax fraud seriously, they also understand that mistakes happen. Here is what you need […]

Keys to Creating a Satisfying Retirement

You’ve done your retirement homework. Your assets are reviewed, you know your financial needs, and your retirement tax plan is in place. Are you ready to enjoy retirement? Probably, but not without a plan to address what happens to many after they retire — boredom. Here are some ideas. Go to school. Many colleges and communities […]

Time to Launch Your Tax Strategy

Consider conducting a final tax planning review now to see if you can still take actions to minimize your taxes this year. Here are some ideas to get you started. Assess your income. Begin by determining how your income this year will compare to last year. Then apply any tax implications this income change may cause. […]

IRS Rules Issued On Paid Family and Medical Leave Credit

The IRS announced that eligible employers who provide paid family and medical leave to their employees may qualify for a new business credit for tax years 2018 and 2019. Notice 2018-71 provides detailed guidance on the new credit in a question and answer format. The credit was enacted in the 2017 Tax Cuts and Jobs Act. The […]

Ace the FAFSA

The Free Application for Federal Student Aid (FAFSA) is a tool students use to apply for more than $120 billion in federal funds. Unfortunately, each year many students miss out. A report from NerdWallet estimates that $1,861 per eligible high school graduate of free federal grant money went unused during 2014 because they did not […]

The Clock is Ticking…Tax Reduction Ideas Still Available

As the end of the year approaches, there is still time to make moves to manage your tax liability. Here are some ideas to consider. Maximize your retirement plan contributions. This includes traditional IRAs, Roth IRAs, and SEP IRAs for self-employed. Now is the time to maximize the contribution potential for this year and plan […]

Moving From “Paycheck to Paycheck” to “Planning Ahead”

A recent study found that 47% of American workers live “paycheck to paycheck”. The path to achieving financial milestones like paying for a college education, buying a car, owning a home or retiring at an early age always begins with one step – saving for the future. Based on this survey, many Americans aren’t saving […]