Got your year-end tax planning underway for December 31, 2015? WE UNDERSTAND that year-end can be a drudge because it means making sure your business accounts are up to date and in order. But don’t leave it until the last minute. No decision, or rushed decisions, can lead to the wrong outcome and cost you more in taxes. Here are … Read More
Year-End Tax Planning for the Individual
Tax planning for the year ahead presents similar challenges to last year due to the unknown fate of the numerous tax extenders that expired at the end of 2014. These tax extenders, which include the mortgage insurance premium deduction and the sales tax deduction that allows taxpayers to deduct state and local general sales taxes instead of state and local … Read More
Is Forgiven Debt Taxable?
Generally, debt that is forgiven by a lender is considered taxable income by the IRS and must be included as income on your tax return. Examples include a debt for which you are personally liable such as mortgage debt, credit card debt, and sometimes, student loan debt. When that debt is forgiven, negotiated down (when you pay less than you … Read More
Tax season lessons for next April 15
Tax season is over. Is hindsight really that helpful? Now you can take a sigh of relief and push any thoughts of taxes far from your mind, right? Then repeat and rinse by doing the stress-filled mad dash all over again in just under 12 months (just like you swore you wouldn’t this year) to file next year’s taxes? “Doing … Read More
6 easy ways to prepare for April 15 next year
Many surprises could arise from now until next April 15, including life changes and new tax laws. Right now is the best time to create a system that better organizes your taxes and gets you a head start on next year’s filing. IRS offers some handy advice on how to do just that: Life events may change the amount of … Read More
Missed the April 15 tax deadline?
Pay IRS now if you still owe taxes If you still owe taxes and missed the April 15 deadline for filing and payment, you could be incurring interest and late penalties as you read this. File and pay the IRS pronto! If you file your federal tax return late and owe taxes with the return, these two main penalties could … Read More
Tax season record-keeping stressing you out?
For most of us, tax season means taking that annual trip to ‘the abyss’ That place where filing cabinets, storage containers and even shoeboxes overflow with dusty receipts, insurance records and old tax returns. Considering the sheer volume of record-keeping required by individuals and business owners, here are four tips on which records to keep and for how long: 1. … Read More