Are you a homeowner? Take a look at the following list of tax breaks. There may be some here that you don’t know about. Questions? Ask us. Mortgage Interest. If you own a home with an unrelated taxpayer, you are now each entitled to a mortgage interest deduction of up to $1 million of mortgage principal …
T Being the start of a New Year, everyone makes New Year Resolutions, and this year all I ask is that you make your exit strategy and retirement plan one of them. We can help you start that process and evaluate your current IRA if you have one. Setting up an IRA for your retirement …
There’s an array of evolving tax scams related to identity theft and refund fraud that you need to be aware of. Here are some of the latest schemes: Requesting fake tax payments: The IRS has seen automated calls where scammers leave urgent callback requests telling taxpayers to call back to settle their “tax bill.” These fake …
When it comes to travel expenses related to your business, the IRS allows you to deduct two types: local and “away from home”. Local You can deduct local transportation expenses incurred for business purposes such as the cost of getting from one location to another via public transportation, rental car, or your own automobile, including: …
Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies. Most gifts are not subject to the gift tax. Here are seven tax tips about the gift tax and giving: Nontaxable Gifts. The general rule is that any gift is potentially taxable. However, there are exceptions …
According to a recent BMO Wealth Management survey of 400 small business owners, only a fraction of America’s entrepreneurs are prepared for retirement. A striking 75% of survey respondents age 18 to 64 have saved less than $100,000 for retirement. Those age 45 to 64 are only marginally more prepared: 32% have over $100,000 in …
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Simple, easy and efficient receipt management Managing your receipts can be a tough task. Trying to keep track of all those important business expenses and receipts can be a nightmare: pockets overflow, wallets become crammed with them and inevitably, many are lost. If you are claiming back expenses then this can be of significant cost …