Tax Scams – Protect Yourself

There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season, and target virtually everyone. Stay alert to...

Depreciation Options Under the New Tax Law

When a business acquires an asset that will last longer than a year, the cost of the asset must be expensed over time to match the asset’s life instead of being deducted all at once. This treatment increases taxes in the short term, and the tax code has evolved...

How to Avoid IRS “Red Flags”

Undergoing the scrutiny of an IRS audit is liable to put any taxpayer on edge. While it may seem like the IRS randomly hands out audit notices like candy to unlucky victims, there are some best practices you can put in place in order to avoid inadvertently putting up...

TCJA Mortgage Interest Limitations

The Tax Cuts and Jobs Act of 2018 changed both the type of mortgage interest that can be deducted as well as the amount of interest that can be deducted.  Acquisition Debt vs. Equity Debt The first step to untangling these new limitations is to distinguish...

Taxes and Retirement Income

While many taxpayers plan for retirement by investing in retirement savings accounts, it is important for taxpayers to also plan on how to handle income during retirement as well. The timing of different retirement distributions could drastically affect the amount of...

Setting Up a Business

Deciding to start your own business is a big step, one that requires special planning and thought. But where do you start? There are many logistical steps to setting up a legal, operating business and it can be a daunting mountain to climb when first starting....