Financial News, Tips & More!
How Long To Keep Tax Records
Should the IRS decide to audit your tax return, you will need your copy of the return to confirm that you filed and it was done correctly. If you have filed correctly and have your copy you should have nothing to worry about. In most cases of an audit, the IRS may only go back three years. There are, however, special...
Back Payroll Taxes and Employee Retention Credit
A business can never resolve a back payroll tax problem without current compliance. New legislation from the Consolidated Appropriations Act, 2021 provides a golden chance to not only get into current compliance but even improve cash flow – the Employee Retention Credit (ERC). Significant changes that help a business...
What Is An Estate Tax?
You’ve spent a lifetime building financial security for your family. What will happen to all that you have worked for when you are gone? Do you know how much will be paid out in taxes to the federal and state governments by your loved ones? You need to know now how to best protect all that you have worked for. The...
What Is an Inheritance Tax?
The Inheritance Tax is a tax imposed on an inheritance received from the settlement of an estate upon the death of an individual. The recipient of the inheritance is responsible to pay the inheritance tax. It is different from the Estate Tax which is paid out by the estate at the death of an individual. For obvious...
2021 New Covid Relief Package
Consolidated Appropriations Act of 2021 provides economic aid to hard hit businesses. There’s much we know (and even more we don’t know) about this massive, 5,600 page bill, signed into law by the president on Sunday, December 27th. This bill resolves a number of issues surrounding the treatment of PPP loans,...
What is Deductable on Taxes?
Filing taxes is a necessary process that every working person has to do. There comes a time, depending on the type of work that you do, that it may become confusing. Trying to figure out what is deductible and what isn’t, what you claim and what you don’t. Talking with a professional can help you to find clarity in...
How To Get Out Of Credit Card Debt
Overwhelming credit card debt happens to so many of us. Offers show up frequently in the mail inviting us to get a credit card so we can get what we want now! Maybe it isn’t overspending but unexpected medical expenses or a job layoff reducing your income. Whatever the cause, you now have a problem that needs a quick...
How Do Tax Brackets Work?
Tax time is quickly approaching. Understanding tax law and correct tax filing can be a difficult mental and legal maze to navigate. Tax brackets and tax rates are not the same thing. Income levels, or tax brackets, are used to determine tax rates and most people will be taxed at more than one rate. There are...
How To Protect Your Assets
The IRS extended the deadline for filing and paying 2019 taxes from April 15 to October 15 of this year. If you applied for an extension, your taxes were due on October 20 which has also passed. If you have procrastinated until now, you are subject to substantial penalties and interest added to your original tax...
Which Type Loans Will Typically Offer The Lowest Interest Rate?
If you are ready to purchase a home you will need to know what types of home mortgage loans are available and the benefits and liabilities of each for the borrower. Keep in mind that a lower interest rate on a larger loan amount for a longer life of the loan may not compute to the least amount of interest paid out....