Funding a 529 College Saving Plan is a great way to save for a child’s college education and possibly get a state tax deduction depending on the state you live in. You can accumulate income-tax-free earnings with a Section 529 college savings plan account. Then, you can take income-tax-free withdrawals to cover qualified education expenses, usually for college. Great! But what if your designated account beneficiary gets scholarships and doesn’t… Read more
Retirement is a time many of us look forward to—a period where we can relax, pursue passions, and enjoy the fruits of our labor. However, to ensure a comfortable and secure retirement, it’s essential to choose the right retirement plan. With numerous options available, finding the one that aligns with your financial goals and lifestyle can be daunting. Here’s a summarized guide to help you navigate the process. Understand Your… Read more
The evolution of remote work has transformed our homes into multifunctional spaces, blurring the lines between personal and professional domains. Amidst this shift, the opportunity to deduct home office expenses has become a crucial aspect of financial planning for many. Understanding the intricacies of these deductions can lead to significant savings. Here’s a summarized guide to the process. Eligibility: The IRS specifies two main criteria for claiming home office deductions:… Read more
Can I treat someone as a subcontractor instead of an employee? This is a top 10 question we get asked. We understand why some business owners would like to classify someone they “hired” as a subcontractor. Several of the reasons we have heard over the years are: If the person isn’t a good fit, it’s easy to fire them. I don’t want to pay payroll taxes. They don’t work full-time… Read more
What do you do if you can’t efile your tax return because a tax return has already been filed with your social security number? If you have tried to efile your tax return and it’s rejected because of an error message that says there is a duplicate tax filing with your social security number, you might be a victim of tax-related identity theft. Finding this out can cause a lot… Read more
As the year draws to a close, it’s the perfect time to review your financial situation and implement tax planning strategies to minimize your tax liability and maximize your savings. Here are some valuable tips and insights to help you navigate the complexities of year-end tax planning for 2023. 1. Review Your Income and Expenses: Start by assessing your current financial situation. Review your income, expenses, and any major life… Read more
Real estate investment can be a lucrative venture, but navigating the complex world of taxes is crucial for maximizing your returns. In this blog post, we’ll explore essential tax tips for real estate investors, helping you minimize liabilities and keep more of your hard-earned profits. Understand Your Tax Filing Status: Real estate investors often have different tax filing statuses, such as sole proprietorship, LLC, partnership, or corporation. Each has its… Read more
Tax planning is a crucial aspect of financial management for small businesses. While many entrepreneurs focus on preparing their taxes at the end of the fiscal year, year-round tax planning is a smarter and more strategic approach. By proactively managing your tax liabilities throughout the year, you can maximize your savings and ensure compliance with tax regulations. In this blog post, we will explore the benefits of year-round tax planning… Read more