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tax tips

Tis the Season to Be Giving!

November is when we all start thinking about charitable giving, especially if we haven’t done a lot of giving throughout the year. It’s the time of year when we all think about how to give back – how to help others in our community, our state, our world.  At this time of year, we usually […]

Managing the Tax Effects of Divorce or Separation

No one wishes for a divorce. But if it happens to you, are you prepared for the tax impacts that a divorce can have? It’s no surprise that the ripple effects of divorce reach all major areas of our lives. But most folks don’t consider how their tax situation will be impacted by divorce.  Filing […]

4 Things to Know About Your K-1

So you get a K-1 every year at tax time, but do you know what that form is really all about? If you are a shareholder in a Subchapter S corporation (S-corp), or have an interest in a partnership or LLC, you will likely receive a Schedule K-1 tax form from your corporation. This form […]

How to Keep Obamacare from Giving you a Headache

There’s no doubt about it. The Affordable Care Act (ACA) has created the biggest change to the tax code in 20 years. That means a lot of headaches for a lot of people about how to handle health insurance and comply with the new tax rules surrounding the law. Here’s the scoop on three things […]

What Fifty Shades & Finance Have in Common

Are you shaking your head, wondering how we could possibly claim that Fifty Shades of Grey and finance having anything in common? If you read the wildly popular bestseller or saw the blockbuster of a movie this past Valentine’s Day weekend, you know the story: billionaire, sexy man meets beautiful innocent young woman. He teaches […]

10 FAQs on Tax Deductions

Do you want to reduce your income tax? Then look carefully at the IRS’s allowable tax deductions. Deductions are subtracted from your adjusted gross income (AGI), determining the amount of tax you actually owe Uncle Sam. The IRS allows two ways to take deductions: the standard deduction or by itemizing certain deductions using Schedule A. […]