Archive

31Jul2014

A Summer Adjustment Can Prevent a Tax-Time Surprise

When it comes to filing a federal tax return, many people discover that they either get a larger refund or owe more tax than they expected. But this type of tax surprise doesn’t have to happen to you. One way to prevent it is to change the amount of tax withheld from your wages. You
  • 31 Jul, 2014
  • Haley Spain
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29Jul2014

Need a New Vehicle? Save Money with Hot End-of-Summer Deals

Shiny new 2015 vehicles are arriving at car dealerships around the country. But shoppers willing to forego the latest bells and whistles may be able to get a hot deal on a new 2014 model. Dealers and manufacturers offer large incentives to move last year’s models off the lot. People who buy new cars in August or September save
  • 29 Jul, 2014
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28Jul2014

Reap the Tax Benefits of Education Planning

Article Highlights: Education financing American Opportunity Credit Lifetime Learning Credit Coverdell Education Savings Account Qualified Tuition Programs (Sec 529 Plans) Savings Bond program  The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or your children are being educated.  Education Financing: A major planning issue
  • 28 Jul, 2014
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25Jul2014

Beware of Trust Fund Penalties

Article Highlights Trust fund penalty Employers can be held personally liable Responsible persons of a corporation or limited liability firm can be held personally liable Factors used in determining a liable responsible person The term “trust fund recovery penalty” refers to a tax penalty assessed against the directors or officers of a business entity that
  • 25 Jul, 2014
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24Jul2014

Five Basic Tax Tips for New Businesses

If you start a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also about payroll taxes. Here are five basic tax tips that can help get your business off to a good start. 1. Business Structure.  As you start out,
  • 24 Jul, 2014
  • Haley Spain
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22Jul2014

Scammers Getting More Brazen

Article Highlights: Taxpayers Receiving Bogus Call from Individuals Claiming To Be IRS Agents. Guidelines to Avoid Being a Victim of a Scam or ID Theft. Limit Accounts to Avoid ID Theft Exposure. We have previously cautioned you not to be duped by Internet and mail scams dreamed up by some pretty enterprising thieves. Most of
  • 22 Jul, 2014
  • Haley Spain
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21Jul2014

Top Ten Tax Facts if You Sell Your Home

Do you know that if you sell your home and make a profit, the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year. 1. If you have a capital gain on the sale of your
  • 21 Jul, 2014
  • Haley Spain
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18Jul2014

Special Tax Benefits for Members of the Armed Forces

Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines. Here are ten of those benefits: 1. Deadline Extensions.  Some members of the military, such as those who serve in a combat zone,
  • 18 Jul, 2014
  • Haley Spain
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17Jul2014

Have You Reviewed Your Will or Trust Lately?

Your will or trust was prepared so that your assets will be distributed according to your wishes after your death.  These documents can also reduce estate taxes.  However, certain events can cause these documents to become outdated and create family stress and unpleasant tax results.  Revised tax laws and life’s ever-changing circumstances make estate planning
  • 17 Jul, 2014
  • Haley Spain
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14Jul2014

New Policy: Unused Taxpayer ID Numbers Will Expire after Five Years

Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years, the IRS recently announced. In order to give all interested parties time to adjust to the new policy, the IRS added that it will not begin deactivating ITINs until 2016. The new, more uniform policy applies
  • 14 Jul, 2014
  • Haley Spain
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