10 Simple (and Fun) Ways to Cut Taxes This Summer

10 Simple (and Fun) Ways to Cut Taxes This Summer

It’s already starting to feel like summer in many parts of the country. But the forecast for Washington remains unclear as officials continue to discuss various tax-related issues. No matter what happens in Washington, don’t get stuck in a holding pattern yourself. Give some attention to business and personal tax planning this summer. Here are … Continued

Answers to Your Questions About Living Trusts

Living trusts have become popular estate planning tools, but they are not for everyone. Here are some frequently asked questions to help you decide whether to consider a living trust.   1. How does it work? Answer: With a revocable living trust, you transfer ownership of assets of your choice to a trust while you’re … Continued

Five Tips for Preventing Manufacturer Rebate Audit Headaches

Do you have a love-hate relationship with manufacturer rebate incentives? On the one hand, they draw customers to your showroom and can bump up sales with alluring customer discounts. But they also pose the risk of your dealership undergoing a rebate audit by the manufacturer. Prevent a managerial headache – and a possibly large chargeback … Continued

Does Your Child Need to File an Income Tax Return?

As parents, we encourage our children to work so they can learn important values about work and independence. At what point, if at all, do children need to file an income tax return for the money they earn? The IRS does not exempt anyone from the requirement to file a tax return based on age, … Continued

Recent Developments May Affect Passive Investors with Losses

Do you materially participate in a business or rental activity — or are you just a passive investor who isn’t directly involved in a project’s day-to-day operations? The IRS has prescribed seven tests to help individuals classify income, gains and losses from activities as passive or nonpassive. (See “PAL Basics” below.) The passive activity loss … Continued

Make Your Hobby a Business…Carefully

Many people dream of making money pursuing a favorite hobby. By starting a sideline business, you could be eligible for a treasure chest of tax deductions. If you follow certain rules, you can deduct the expenses related to your venture, including equipment, advertising, subscriptions and business-related auto costs. You might even be able to claim … Continued

Give Business Stock to Your Children and Save Taxes

As you know, the federal income tax rates on qualified dividends and long-term capital gains are much lower than the tax rates on so-called ordinary income (such as salary, bonuses, self-employment income, short-term capital gains and interest income). The tax-rate differential provides a great tax-saving strategy that involves your family C corporation — assuming the … Continued

Catch-Up Contributions

Only 18 percent of individuals 55 and older say they are “very confident” they will have enough money to live comfortably throughout their retirement years. At the same time, 24% were not at all confident.1    In 2001, Congress passed a law that can help older workers make up for lost time. But few may understand how … Continued

5 Common Mistakes Pre-Retirees Make

Retirement preparation shifts into a higher gear the closer an individual approaches his or her retirement age. Unfortunately, many individuals can make crucial mistakes in these last few years that might impact their readiness to retire. 1. Paying Down Your Mortgage Conventional wisdom says that individuals should have little to no debt as they enter … Continued

TIPS for Inflation

In 2014, the country1  the Fed governors are tasked with adjusting short-term interest rates to help control inflation in an effort to promote overall economic growth. http://www.htbcpa.com/?p=1762&preview=truewitnessed the historic appointment of Janet Yellen as Chair of the Board of Governors of the Federal Reserve System. She became the first woman to take the helm of … Continued