November 2018
In this issue:
- 5 Annual Tax Essentials
- Retirees Should Check Withholdings...or Else...
- The IRS Loves Your Business ... and That is NOT Good
- Turkey Trivia
This Month:
- Sunday, Nov 11th: Veterans Day
- Thursday, Nov 22nd: Thanksgiving
- Friday, Nov 23rd: Black Friday (shopping deals day)
- Monday, Nov 26th: Cyber Monday (online deals day)
- Tuesday, Nov 27th: #GivingTuesday (charitable giving day)
- Reminder: Conduct year-end tax and financial planning
It's November and the holiday season is upon us. With the end of the year less than two months away, now is the time to run down your annual year-end checklist. Before you dig in to some turkey and stuffing, check out the 5 Annual Tax Essentials article for some year-end tips you can use every year. Also included in this issue is a warning to retirees regarding their federal tax withholdings, an article detailing the areas the IRS scrutinizes a business during an audit, and some turkey trivia you can use to impress your friends.
Please call if you would like to discuss how any of this information relates to you. If you know someone that can benefit from this newsletter, feel free to forward it to them.
Take some time to review your tax situation for 2018 while there are still a few months to make tax-cutting adjustments.
Have you ever considered that you could be spending less on storage and rent? Consider these ideas for cutting down on costs.
Too often taxpayers receive tax surprises at year-end due to actions taken by mutual funds they own. What can add insult to injury is the unsuspecting taxpayer who recently purchases the shares in a mutual fund only to be taxed on their recent investment. How does this happen and what can you do about it?
A great way to make sure your tax bill isn’t larger than it has to be come April is to keep track of your 2018 withholding and/or estimated taxes.
Do you use a smart phone, tablet or desktop computer to connect with friends and make purchases, as well as share health concerns with your doctor? If so, your privacy may be at risk.
When you win a prize, there are really two winners: you and the taxing authorities. Should you be fortunate enough to win that trip of a lifetime to the French Riviera in your new yacht, here is what you need to know.
If you’re trying to track down past tax documents and other important IRS transcripts, you’re in luck.
Can you deduct your bad business debt this year? According to the IRS, the debt must be closely related to your trade or business. This type of bad debt is typically involves unpaid customer invoices, but it can also include business-related loans. To qualify as a deduction, these two statements must be true:
Finances stressing you out? A few small tweaks to your mindset could help you handle the hard stuff.
Third-quarter payroll reports are due this month, making it a great month for employers to check in on their payroll compliance practices.
Have you misclassified your worker as an independent contractor or employee? Find out now and make a fix.
Small business owners have a number of options on how to organize their business for tax purposes. Many small, single owner, businesses are not incorporated, and are deemed "sole proprietors", in the eyes of the IRS. Other business entities, like C corporations, are taxed as a separate entity with distributions to owners taxed a second time as dividends. Still others are deemed "pass-through" entities like S corporations, Partnerships and Limited Liability Companies (LLC).
You may be able to claim a casualty loss deduction on your tax return if you suffered uninsured or unreimbursed losses from Hurricane Florence or other recent federally declared natural disasters. But did you know you may not need to live in a federally declared natural disaster area to qualify for relief?
October 2018
- Time to Launch Your Tax Strategy
- Keys to Creating a Satifying Retirement
- Fraud? Negligence? Know the Difference!
- Six Ideas to Help Your Business Survive & Thrive
- Find Your Sleep Sweet Spot
- Hustling for Extra Income
This month:
- October 1: SIMPLE IRA plan establishment due
- October 15: Extended individual and C-corp tax filing deadline
- October 31: Halloween
The leaves are starting to change colors and cool air is just around the corner. With the fourth quarter upon us, now is the time to finalize your tax plans before the busy holiday season arrives. Included here are some steps you can take to jumpstart the process for you. Also included are articles on how to create a satisfying retirement, how the IRS identifies tax fraud, and six ideas to keep your business successful. In addition, there are some practical ideas to help improve your sleep quality, and tax considerations for side income.
Please call if you would like to discuss how any of this information relates to you. If you know someone who can benefit from this newsletter, feel free to forward it to them.
Have you done volunteer work for a charitable organization? You may find that helping others has also helped you and your tax bill.
Succession planning should be on the top of every business owner's to-do list. To help you plan, think about these three key items.
Medical expenses pile up fast. But there are ways to make paying them more manageable and cost-effective. If you have a high deductible health plan, you can open a health savings account (HSA) account to pay your medical bills.