The sweeping piece of legislation known as the Tax Cuts and Jobs Act (TCJA) provided a steep learning curve last year, and while it still remains complicated, having some experience under our belts has us better prepared to tackle taxes in the TCJA era. Below is a...
Year: 2019
Tax Tips to Implement Before the New Year
The end of 2019 is quickly approaching, and in keeping with the changes implemented by the Tax Cuts and Jobs Act, focusing on lowering taxable income rather than maximizing tax deductions remains a good move for most working Americans. Read on for a few key moves to...
Tax Credits and Tax Deductions: What’s the Difference?
If you want to end up owing less money to the IRS after filing your taxes (and who doesn’t?), claiming tax credits and deductions can greatly help to shrink that number. However, because they work in different ways, understanding the difference between a tax credit...
End-of-the-Year Tax Planning Tips for Your Small Business
We are nearly two years into the sweeping Tax Cuts and Jobs Act of 2017, the largest major tax reform in over 30 years, and one thing remains clear: strategic tax planning is key to lowering a business’s total tax liability. Below are some tips to think about...
Starting a Business? Here’s What You Need to Know About Self-Employment Taxes
Self-employment definitely has its perks, but being the master of your own ship also means answering to the IRS. Before jumping into your entrepreneurial adventure, make sure to learn the practicalities of self-employment taxes. Below are some crucial points that tax...
How to Claim Social Security Survivor Benefits
When a spouse passes away, the surviving spouse is likely eligible for Social Security survivor benefits, but to get these benefits, the survivor has to be proactive. This is especially crucial if the survivor is caring for children under the age of 18. According to...
How to Make the Most of Your 529 Plan
529 educational savings plans allow an account holder to invest their money for a beneficiary in high-growth assets such as stocks, and withdraw the funds tax-free for qualifying educational expenses, like tuition, fees, and textbooks. With college costs on the rise,...