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Avoiding surprises as a business owner is crucial to ensure you have a successful business. The same goes for managing your personal finances. By subscribing to our blog and newsletter you get the latest updates on the world of finance and taxes. Additionally, by visiting our main topic categories below you can educate yourself on the various topics regarding tax education, personal finance, and business ownership. 

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July 15 Deadline for Reporting Foreign Income

Posted by Missy Dennis on Jul 8, 2020 8:14:00 AM

If you live or work outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Due to the coronavirus pandemic, people who live and work abroad have until Wednesday, July 15, 2020, to file their 2019 federal income tax return and pay any tax due. The deadline is normally June 15.

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Topics: Personal Finance, Taxes, Tax Return, Tax Preparation

Pass on Wealth to Heirs Using These Strategies

Posted by Scott Farnes on Jun 9, 2020 8:17:00 AM

Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low interest rates and a volatile stock market are creating additional opportunities. Let's take a look at some of the strategies available:

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Topics: Personal Finance, Retirement, Managing Your Tax Liability, Financial Success

The Tax-Smart Way to Loan Money to Friends & Family

Posted by Taylor Bennett on Apr 29, 2020 8:19:00 AM

Offering to lend money to cash-strapped friends or family members during tough economic times is a kind and generous offer, but before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.

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Topics: Personal Finance, Taxes, Managing Your Tax Liability

CARES Act: Information for Individual Taxpayers

Posted by Missy Dennis on Apr 9, 2020 8:07:00 AM

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the stimulus bill that was signed into law on March 27, 2020, contains legislation to stabilize the economy during the coronavirus pandemic. These measures include economic recovery checks for taxpayers, as well as several other tax provisions affecting individuals.

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Topics: Personal Finance, Taxes, Tax Credit, Tax Return

It's Not Too Late to Make an IRA Contribution

Posted by Taylor Bennett on Mar 19, 2020 8:14:00 AM

If you haven't contributed funds to an Individual Retirement Account (IRA) for tax year 2019, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15th due date, not including extensions.

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Topics: Personal Finance, Taxes, IRA, Retirement, Tax Deduction

Tax Extenders, Retirement Plan Changes, and Repeals

Posted by Missy Dennis on Mar 6, 2020 8:10:00 AM

The Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here's what you need to know:

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Topics: Business Ownership, Personal Finance, Taxes, Retirement, Tax Return, Tax Preparation

Tax Breaks for Taxpayers Who Itemize

Posted by Scott Farnes on Feb 5, 2020 8:13:00 AM

Many taxpayers opt for the standard deduction because it is easier, but sometimes itemizing your deductions is the better choice - often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here's what to keep in mind:

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Topics: Personal Finance, Taxes, Tax Deduction, Tax Return

Got Debt? Tips to Improve Your Financial Situation

Posted by Missy Dennis on Jan 20, 2020 8:22:00 AM

If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it's a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you're in financial trouble, then these steps will help you to avoid financial ruin in the future.

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Topics: Personal Finance, Debt

Important Tax Changes for Individuals and Businesses

Posted by Missy Dennis on Jan 9, 2020 8:05:00 AM

Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.

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Topics: Personal Finance, Taxes, Retirement, Managing Your Tax Liability, Tax Deduction, Tax Credit, Tax Return, Tax Planning, HSA, Tax Reform

Tax Benefits of Health Savings Accounts

Posted by Scott Farnes on Dec 26, 2019 7:48:00 AM
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Topics: Personal Finance, Taxes