The entrepreneur sprit still continues to flourish across the country, despite the fluctuation of the economy and domestic or foreign disputes. The cold hard truth is that 25% of these new start-ups will fail in the first year. 46% of theses failures can be attributed to incompetence. Taxes, financing and record keeping, play a key […]
Read more >>Vacations and planning for our other anticipated summer events are well under way but we must never loose focus on our year round tax preparations. Stocks and bonds and the way we set-up these income saving investments can have a measurable effect on our tax liability at year’s end. These 5 simple tips can reduce your […]
Read more >>As our population’s median age increases with the Baby Boomers slipping into retirement, the necessity of proper estate planning becomes even more imperative. One aspect of this crucial agenda is sometimes ignored or not fully recognized as a liability when the numbers of an estate are crunched. A life insurance policy with a substantial death […]
Read more >>It is not uncommon to find yourself working for more than one company in a given tax year. Employers are obligated to withhold social security taxes from your wages, regardless of the amount withheld by a previous employer. This will often lead to the amount that is withheld to exceed the maximum amount of tax […]
Read more >>Unless you’re making your living with a rod and reel or sowing corn seeds on fertile fields, then you must be mindful of paying your estimated tax within the IRS allotted percentages and deadlines. Fishermen and farmers still have to make estimated tax payments, although they do get a few leniencies that are not available […]
Read more >>This query, amid others, was asked of me by a state tax auditor in the mid 1990s. I was running a small business and we had taken on my partner’s high school neighbor to fill in when we needed some cheap labor. On a cold day in October, a state revenue agent arrived to do […]
Read more >>As our children grow older, it seems their affiliated costs will proportionally multiply with their age, and as parents, we will assume these additional expenses. High school brings with it its own problems. With the expense of college looming on the horizon, there also can be some other costly expenses well before the college maneuver. […]
Read more >>The fear of heights, spiders and snakes all make the top ten phobias, missing from any list is the anxiety of an IRS audit. As long as I’m on a stable surface, heights have never been a problem and frankly I find snakes a bit fascinating but spiders, well we won’t go there. The concern […]
Read more >>Taxes have been with us for quite some time but as we close in on the other certainty, let’s look at 8 ways we can lower our Tax Liability. 1. Protect your heirs. This sounds simple enough but you would be surprised at how many of us overlook this simple procedure. Make sure you have beneficiary designations […]
Read more >>Mine your portfolio for tax savings. As an investor, you might not always have control as to how profitable your investments are, but you do have significant control over their tax liability. As the year winds down, add up the gains and losses on sales to date and review your portfolio for paper gains and losses. […]
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