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The Top Things You Can Do Now to Cut Your Tax Bill

Tue, Dec 18th 2018
It’s the most wonderful time of the year – tax planning time. The Tax Cut and Jobs Act (TCJA) means many people will see lower tax bills this year, but that doesn’t mean you should pass on tax planning. Below, we look at moves you can make to pay less taxes. Max Out Your Retirement Account Who would you rather pay, yourself or the government? I’m willing to gamble that you chose yourself. If you did, then one of the easiest moves you can make is to contribute to a Traditional or Roth IRA. For... Read More »

What's the best type of business entity for tax purposes?

Mon, Dec 10th 2018
There are several major types of business entities, including S Corporations, C Corporations, Limited Liability Companies (LLCs) and being self-employed. Each type of structure has its own advantages and disadvantages when it comes to taxes, assets and liability protection. Generally, certain types of businesses are best for certain professions from a tax perspective; however, with the tax law changes last year it may be time to reconsider. Under the current tax law, what used to be the best... Read More »

6 Last-Second Money-Saving Tax Moves

Mon, Dec 3rd 2018
As 2018 winds down, there is still time to reduce your potential tax obligation. Here are some ideas to make your 2018 tax return less of a burden on your wallet: Accelerate expenses. Individual taxpayers are on the cash basis for income tax purposes. This means your income is taxable when you receive it and expenses count when you pay them. Depending on your situation, shifting deductions between years can make a big difference on your tax bill. With this knowledge, making additional... Read More »

Understanding Tax Terms: Head of Household

Mon, Nov 26th 2018
The tax term head of household is one of the more misunderstood tax phrases inside the U.S. tax code. However, if your situation warrants head of household status, there are two big tax benefits. First, a higher standard deduction. Second, lower effective tax rates for virtually every income level. This is great, but only if you qualify. Three key qualifications There are three specific rules to qualify for the head of household status: You are not married. First, you need to be unmarried or... Read More »

Hustling for extra income

Mon, Nov 19th 2018
Conduct an online search of the phrase "side hustle" and you will find websites with countless ideas on how you can make some money on the side. The ideas range from carpet cleaning to podcasting. 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 hobby? When reviewing your activity, the first determination made by the IRS is whether the arrangement is a... Read More »