Tax Tips

Avoid Passport Revocation: Pay Your Tax Debt

The IRS is urging taxpayers to resolve their significant tax debts to avoid putting their passports in jeopardy. If you owe a serious tax debt, which is currently $52,000 or more, the IRS will notify the State Department. Subsequently, the State Department is required to deny any passport application or renewal for such taxpayers. If […]

Maximizing Student Financial Aid: Seven Tax Strategies

Your tax return plays a big role in determining how much financial aid a college offers to your child. To get the most financial aid possible, you need to plan out any tax moves several years before applying. Colleges look at the income and assets of the parents and the student when calculating the “expected […]

Business Income Deduction for Rental Property

Landlords who spend at least 250 hours a year managing and maintaining their rental properties may be eligible for the Qualified Business Income (QBI) deduction. That averages out to just under five hours a week. Unlike other deductions, the qualified business income deduction does not require that you spend money. Instead, it’s a straight deduction, […]

Qualifying for the Home Office Deduction

Entrepreneurs who work from home can write off a portion of their housing and utility expenses. A sole proprietor who uses 25% of her house as an office, for example, can deduct 25% of her rent or mortgage interest, property tax, homeowners or renter’s insurance, and utilities. To qualify for the home office deduction, entrepreneurs […]

Changes to Your Form W-4

The IRS has redesigned the Form W-4 due to changes in the tax law that eliminated personal exemptions/allowances. The new Form W-4 should make it easier for you to make any changes to your employer tax withholding. There are several reasons to check your withholding, such as protecting against having too little tax withheld and […]

Protect Your Personal Information

Scammers steal personal information and money from unsuspecting victims, predominantly during tax season. When it comes to sharing any of your personal information, be vigilant! The easiest way for criminals to steal sensitive data is to simply ask for it; this is known as phishing. Phishing emails, calls or texts often pose as familiar organizations […]

Employer Identification Number: Does My Business Need One?

An Employer Identification Number (EIN) is a nine-digit number that the IRS assigns to identify tax accounts. It’s also referred to as a Federal Tax Identification Number. When deciding if your business needs to obtain an EIN, consider the following questions: Will you have employees? Will you operate your business as a corporation or partnership? […]

Starting a Business? Six Preliminary Steps

Starting a business is exciting and nerve-wracking all at the same time. The “to do” list can seem never-ending. Below are a few reminders to help you stay on track. Write a business plan. This key step will help you identify what is important to your business and where to focus your resources. By creating […]

Solar panels are hot (for a tax credit)

The residential energy efficient property credit has been reinstated through 2021. This means you could get a tax credit for installing solar panels on your home. You can even get a credit if you shared the cost of solar panels not directly located on your home, such as at an off-site community solar array or […]

Tax-Saving Strategies: Make a Move Now

It’s always a good idea to look for ways to minimize your tax liability. Taking advantage of opportunities before the year comes to a close is a smart move. Here are a few things to think about: Are you making the maximum contribution to your §401(k), IRA or other retirement plans? If the answer is […]