Without your own savings, you may risk struggling to pay the bills in retirement. That’s why it’s crucial to contribute money to your nest egg throughout your working years. But the type of account in which you house your money could decide how much growth you see on your savings. And in this regard, a large number of Americans are … Read More
DFW Accountant Advice: Reduce Your Taxes Owed
Not every tax strategy will apply to your situation or yield benefits that justify the time, risk, or cost. To avoid any unintended consequences, develop your planning strategy with your tax and financial advisor or CPA. By keeping the focus on your entire situation and goals, work to prevent the tax-tail from wagging the dog. (DFW Accountant Advice: Reduce Your … Read More
Flower Mound CPA Advisor: Common Retirement Tax Mistakes
Most soon-to-be and recent retirees don’t think about taxes when heading into retirement. This can be a problem. Don’t worry, if this is you. Keeping taxes at the forefront of your retirement plans will help you not only avoid mistakes, but allow you to take advantage of certain opportunities. (Flower Mound CPA Advisor: Common Retirement Tax Mistakes) Mistake #1: Not … Read More
DFW Tax Pros: Save Your Business Money
How did you feel about making more money? (DFW Tax Pros: Save Your Business Money) You probably could achieve this by working harder, but what if you could be smarter with the money you earn now? Having more money by being smarter, rather than by working harder, is something you shouldn’t overlook. Tax planning is one way to work smarter. Tax planning is not just implementing … Read More
Flower Mound Accounting: Need-to-Know Tax Saving Tips
Each year brings a new wave of tax laws. As such, the best tip is to always follow best practices so you’re prepared. (Flower Mound Accounting: Need-to-Know Tax Saving Tips) You often can’t predict tax law changes and they can significantly impact your deductions and return. A new year could bring positive changes due to a particularly business-friendly policy environment, … Read More
Flower Mound Accountants: Midyear Tax Check-Up
With the summer season quickly ending, vacations and barbecues could be pushing out your business tax planning. However, this is the perfect time to review your business’s tax and financial plans with your certified public accountant (CPA). (Flower Mound Accountants: Midyear Tax Check-Up) Why is summer the best time to meet with your CPA? Here are some potential benefits: Talking … Read More
Dallas Tax Reduction: Avoiding Social Security Tax
Even though you’ve been paying Social Security taxes for years, you may not be able to escape Uncle Sam even after you claim benefits in retirement. (Dallas Tax Reduction: Avoiding Social Security Tax) It’s important to understand how taxes affect your benefits. For many of us, Social Security is a significant source of retirement income. In fact, roughly half of baby … Read More
Flower Mound CPAs: Balancing Tax Savings with Investments
Nobody likes to pay more taxes than they have to. But there’s also a danger of letting the “tax tail wag the investment dog,” to quote a common saying. (Flower Mound CPAs: Balancing Tax Savings with Investments) You shouldn’t try so hard to cut income or capital gain taxes that it leads you to make unwise decisions. For example, you … Read More
Flower Mound Tax Advice: Retirement Tax Savings
For people nearing retirement or in retirement, every dollar counts and planning ahead is crucial. That’s especially true for taxes. (Flower Mound Tax Advice: Retirement Savings) Now that 2018 tax returns are done and gone, this is an opportune time to look for 2019 tax savings strategies for retirement. Here are two ways to do it: Use your IRA to … Read More
DFW Tax: Having a Business In More Than One State
If your small business has grown beyond your state’s borders so that you operate in more than one place, this could trigger tax complexities. (DFW Tax: Having a Business In More Than One State) Here are some to think about: Business Taxes When Operating in More than One State State Income Taxes If you operate in more than one state, how do … Read More