Personal Tax

Running your own business is a complicated affair with a wide range of different "moving parts" to concern yourself with, but many people don't realize how many of them ultimately lead back to your finances until it's far too late. A large part of your ability to be successful in the long-term will ultimately come down to the rate at which you expand. Grow your business too … [Read more...] about How to Identify When the Time Is Right to Bring an Accounting Pro Into the Fold

Article Highlights: Sec. 529 plans Coverdell Education Savings Accounts American Opportunity Tax Credit The Lifetime Learning Credit Qualified Education Loan Interest Figuring out how to pay for your child’s trade school or college education can be challenging, and the earlier you create your plan and begin executing it, the greater your chances are of having the needed … [Read more...] about Preparing for Your Child’s Future Education

Article Highlights: Research Credit Payroll Tax Option Research Credit Qualified Research Qualified Small Business A little-known tax benefit for new, qualified small businesses is the ability to apply a portion of their research credit – no more than $250,000 –to pay the employer’s share of their employees’ FICA withholding requirement (the 6.2% payroll tax). This can … [Read more...] about Research Credit Can Offset Payroll Taxes

Article Highlights: Winnings Losses Social Security Income Health care Insurance Premium Subsidies Medicare B & D Premiums Online Gambling Accounts Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings. In fact, there are far more tax … [Read more...] about Gambling and Tax Gotchas

Article Highlights: Disaster Losses Elections Net Operating Loss AGI Limitations Possible Gain Filing Extensions With the historic flooding and damage caused by Hurricane Harvey, President Trump has declared the affected area a disaster area. If you were an unlucky victim and suffered a loss as a result of this disaster, you may be able to recoup a portion of that … [Read more...] about Hurricane Harvey Tax Ramifications