Tax Accountant

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Here's What You Need to Know About Gift Taxes and Who Pays It

What You Need to Know About Gift Taxes<p>The Gift Tax Only Applies to Certain Transfers of Property<p>Updated October 30, 2017<p>The federal gift tax is one …

IRS Reminds Taxpayers to Report Virtual Currency Earnings

<b>The United States Internal Revenue Service (IRS) recently published a document reminding taxpayers that income derived from virtual currency</b> …

Income Tax

3 myths about tax extensions

Sometimes filing a tax extension can be a benefit to your clients, but only if they are clear on what an extension means —and what it doesn’t mean.If …

Why Your Tax Return Absolutely Must Be on Time -- Even If You Can't Pay on Time

Can't pay your taxes? Don't make this huge mistake.<p>If you owe money to the IRS that you can't pay, you're probably pretty nervous with the tax …

How You Can Deduct That New Car -- up to 100 Percent! -- on Your 2017 Tax Returns

The Trump tax plan offers deductions for SUVs, trucks and passenger cars.<p>3 min read<p>Opinions expressed by <i>Entrepreneur</i> contributors are their own.<p>As part of the new “Tax Cuts and Jobs Act," many entrepreneurs may not realize how much more they can deduct for 2017 new car purchases on their tax …

Personal Finance

How calling my credit card company got me more than $150 in reward points

You have far more power over your credit card issuers than you realize, but you have to be willing to wield it.<p>A few weeks ago, I did just that, and there's no reason you couldn't do the same. All it took was a phone call.<p>Here's what happened …<p>I called American Express to cancel my Starwood …

Taxpayers get good news from IRS on home equity lines of credit

It’s official: Despite widespread fears to the contrary, the IRS has clarified that last year’s big tax overhaul did not kill all interest deductions on home equity lines of credit, or HELOCs, and equity loans.<p>In a policy statement, the IRS said that it has received “many questions ... from …

If you work from home and don’t have this insurance, you could be at risk

When Regina Mohr started her home-based business, Caliber Meetings and Events, she knew she needed insurance. “Luckily I have good relationships with all my clients,” Mohr said, “but if something were to happen, I don’t have a huge company to fall back on and a huge pocketbook.”<p>Being a meeting …

Health Care

Here's what can happen if you don't pay taxes on bitcoin

In 2017, bitcoin went from trading at below $1,000 early in the year to a peak of over $19,000 in December, while other virtual currencies also …

Cryptocurrency

Best Index Funds for 2018

Here are some of the best passively managed funds you can add to your portfolio.<p>If you're an investor who doesn't want to focus on individual stocks, …

Why you need a Roth IRA — even if you have a 401(k)

If you’re saving for retirement in a 401(k) or other workplace plan, kudos to you. You’ve taken a major step toward a more secure retirement. But don’t stop there.<p>Because of their unique benefits, consider investing in a Roth IRA, too.<p>Why should you complicate your life with another retirement …

Retirement

How Much Income Tax Will I Pay If I Make $100,000?

Look at these scenarios to see how different the answer can be.<p>December is coming to a close, and now's the time that many people are doing year-end …

How to Start Investing on Behalf of Your Baby

We ask two financial planners for advice.<p>My mom is big into investing in lieu of giving gifts. Shortly after each of her grandchildren was born, she …

Personal Finance

9 Free Apps You Didn't Know Your Small Business Needed

You'll be surprised at just how much of your business you can manage from your phone.<p>When you're starting out as a small company, prices can easily skyrocket in the search for experienced, knowledgeable employees. But with the flourishing enterprise app market, solutions may be right at your …

Apps

It's Official -- the 2018 401(k) Contribution Limit Is Increasing

Savers can put even more money to work for their retirement in 2018.<p>For the 2018 tax year, the IRS has increased the employee 401(k) contribution …

Make Less Than $98,400? The Government Might Pay for Your Health Insurance

Don't fail to claim this valuable tax credit if you qualify for it.<p>Americans spend a staggeringly large percentage of their income on …

5 Much Better Alternatives To Quicken And Mint

I have fond memories of using Quicken. As crazy as this may sound, Quicken showed me just how powerful computers could be. I was no longer just playing games or a writing programs to count to 100. I was managing my finances on a computer.<p>Mint had a similar effect, only with the Internet. Now no …

What Makes the IRS Audit a Tax Return? The Top 10 Triggers

Top 10 Tax Audit Triggers<p>The IRS Watches for These Flags<p>Updated June 17, 2018<p>Studies have shown that sitting down to prepare a tax return can …

Finance

5 Skills Needed For Real Estate investing

One of the most common questions asked regarding real estate investing is, “how do I get started?” or “what do I need to know?” Real estate investing …

How to Lower Your Taxes in Retirement

Who wouldn't want to slash their tax bill -- especially when they're living on a fixed income?<p>If the two inevitabilities of the universe are death …

How to Choose the Best Accountant for New and Established Businesses

• <i>When starting a business, you need your accountant to offer certain services, such as business structure advice, accounting system advice and setup,</i> …

I can't live without my accountant

My accountant, Adam, is my hero. As a small business owner focused on his craft, I have neither the time nor skills to maintain the financial aspects …

Small Business

Need an Extension of Time to File Taxes?

Michael Lodge – Tax Tips –<p>For our clients, if you have not filed a tax return yet and need to be put on extension, just call our office and we will …

Deductions aren’t the only way to save on real estate taxes

<i>Learn more about Bill on NerdWallet’s Ask an Advisor</i><p>The mortgage interest deduction and the state and local property tax deduction are probably the best-known tax incentives for homeownership and real estate investment.<p>That’s no surprise. Roughly 9 out of 10 home buyers borrow money to buy a home, …

The pros and cons of forming an LLC

This article is reprinted by permission from NerdWallet.<p>The limited liability company was first offered as an option for structuring businesses 40 …

Small Business

1 Trick Homeowners Can Use to Save $31,155 on Their Monthly Mortgage Payments

If you're carrying a big mortgage, you might be able to save $100,000 or more! You'll just need a little discipline and patience.<p><i>While I encourage</i> …

10 Rental Property Tax Deductions Landlords Love: Did You Take Them All?

Whether you rent out a place or room to a tenant full time or just for a few weeks while you're away on vacation, you already know it's a great way …

Personal Finance

Treasury Secretary Mnuchin Lays Out ‘Aggressive Timeline’ for Tax Reform

During an interview with the FOX Business Network’s Maria Bartiromo Treasury Secretary Steven Mnuchin said the administration is “focused on an aggressive timeline” to produce a tax reform plan by August.<p>“Tax reform is our number one objective. We think it’s absolutely critical to getting to …

Economy

Renting out your home? 9 expenses you can write off

Home sharing through sites like Airbnb, VRBO and HomeAway are becoming more and more popular. My family jumped on the Airbnb hosting train recently, and we made a tidy little side income in January renting out our spare room. I won’t have to pay taxes on that income until next tax season, but I’m …

Personal Finance

Here's What Happens When You Refuse to Pay Federal Income Taxes 'on Principle'

Know a good attorney? You'll need one.<p>Some normally law-abiding Americans are expected to face hefty fines and even the possibility of criminal …

Retirement