The retirement account is a valuable asset. Every worker should start savings and asset building strategies as early as possible. A common question I hear from my clients is which type of retirement account is best. There are various types and your best one depends on your situation. The Roth IRA is one of the options.
As a CPA during tax season, I meet with lots of people. Many of them are regular clients who engage in year-round tax planning. For these people, tax season has few if any surprises. Others aren’t so well prepared. No one wants to pay more in taxes than they have to. Two of the best strategies for preventing that are tax planning and early filing.
If you are investing in rental properties, then you’ll become well-acquainted with the Schedule E tax form. The Schedule E is where you’ll report all of your expenses and income for the year, and take advantage of any deductions you may want to claim.
As the 2019 tax season gets underway, tax professionals are working with a complex set of changes to the tax code as a result of the The Tax Cuts and Jobs Act. Amidst the many uncertainties of the new regulations, specific changes afford small business owners some important planning opportunities.
As the end of 2018 quickly approaches, many small business owners are reviewing records in preparation for filing tax returns. The tax reform bill, known as the Tax Cuts and Jobs Act, enacted sweeping changes to the Internal Revenue Code that will apply to 2018 returns. It is important that year-end planning address these changes.
Today young workers are encouraged to start savings and asset building strategies as early as possible. A valuable asset to most individuals is their retirement account. A common question is whether to choose a traditional (tax-deferred) or a Roth option.
The tax reform bill, H.R 1, known as the Tax Cuts and Jobs Act which enacted sweeping changes to the Internal Revenue Code, contains numerous changes that will affect businesses large and small. The new tax law is complex; most business owners will look to their accountants and tax professionals for explanations of the changes.
Not sure what to make of the Tax Cuts and Jobs Act signed into law by President Trump in December 2017? Most of the changes will go into effect January 1, 2018. But, you won’t file your federal tax return for the 2018 tax year until 2019, giving you time to understand how the changes will affect you. In the meantime, here is a quick rundown on some of the changes brought by the new tax law:
If you're an officer or on the board of a nonprofit organization, you may wonder about the tax requirements that apply to your group.
Generally, an organization will not owe taxes if two things are true:
- It has registered as an exempt nonprofit organization with the IRS, and
- It has no business income from activities unrelated to its exempt purpose.
You know that financial health is the key to peace of mind. When your money is working for you, you can provide for your family and retire when you're ready. The system doesn't own you. Instead, you are in control.