Category Archives: Uncategorized

Don’t pay tax on a home sale

The law lets you sell your home tax-free if you meet certain requirements. The home must have been owned and used as your principal residence for at least two of the five years prior to the sale. Couples can enjoy … Continue reading

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What if you have a casualty gain?

You may be able to claim a deduction on your current or prior-year federal income tax return for casualty losses from sudden, unexpected, and unusual events, such as tornadoes, hurricanes, and certain straight-line winds. But what if you have a … Continue reading

Posted in Amended Tax Return, deductions, Estate, Filing Taxes, real estate, tax planning, Tax Return, Uncategorized | Tagged , , , | Leave a comment

Five home office deduction mistakes

If you operate a business out of your home, you may be able to deduct a wide variety of expenses. These may include part of your rent or mortgage costs, insurance, utilities, repairs, maintenance, and cleaning costs related to the … Continue reading

Posted in audit, Business, business help, Business Owner, deductions, Filing Taxes, New Business, Operational Accounting, real estate, record keeping, save on taxes, Tax, tax advice, tax exempt, Tax Fraud, tax planning, Tax Return, taxes, Uncategorized | Tagged , , | Leave a comment

Don’t assume it’s correct, just because it’s the IRS

Quotes from actual IRS correspondence received by clients: “Our records show we received a 1040X…for the tax year listed above. We’re sorry but we cannot find it.” “Our records show you owe a balance due of $0.00. If we do … Continue reading

Posted in audit, Filing Taxes, Financial Planning, IRS Articles, Penalty, record keeping, Tax, tax advice, tax bill, Tax Return, taxes, Uncategorized | Tagged , , | Leave a comment

Four tips for building an emergency fund

Planning for emergencies is like buying insurance: you pay into an account and hope you’ll never have to use it. But life happens. Cars break down. Roofs leak. Kids get injured. Having money in the bank to cover those unexpected … Continue reading

Posted in Adjusting, Business, business help, Business Owner, invest, Investing, investment, IRA, real estate, record keeping, save money, save on taxes, saving for retirement, saving money, Tax, tax bill, tax exempt, Tax Fraud, tax planning, Tax Return, taxes, Uncategorized | Tagged , , | Leave a comment

New job? Four choices for your existing 401(k)

Changing jobs and companies can be an exciting opportunity, but you have a choice to make. What will you do with the retirement savings you have accrued in your 401(k)? Consider these four choices: Withdraw the money and don’t reinvest … Continue reading

Posted in 401 k, Employee Benefits, employees, Estate, Filing Taxes, Financial Planning, invest, Investing, investment, IRA, IRS Articles, Tax, tax bill, tax planning, Tax Return, taxes, Uncategorized | Tagged , , , | Leave a comment