Category Archives: Financial Planning

tips to avoid credit card debt

5 Tips To Avoid Credit Card Debt This Holiday Season

Avoid Credit Card Debt This Holiday Season

Credit card balances typically follow a seasonal pattern, increasing significantly in the fourth quarter, coinciding with holiday shopping, and millions of taxpayers are still carrying debt from last year’s holiday season. Whether you are diligent about paying your credit card in full every month or are still paying down debt from a previous spending spree, these tips will help you avoid overspending this year and keep credit card spending on track.

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tax planning

Individual Taxpayers: Year-End Tax Planning Strategies

tax planning

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2021.

General tax planning strategies for individuals include accelerating or deferring income and deductions, as well as careful consideration of timing-related tax planning strategies with regard to investments, charitable gifts, and retirement planning.

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Small Business tips for ensuring financial success

Small Business: Tips for Ensuring Financial Success

Small Business - Ensuring Financial SuccessCan you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Probably not.

While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and expect good results. Every business owner knows you need to make numerous adjustments along the way. So, how do you handle the array of questions facing you? One way is through cost accounting.

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small business owner

10 Smart Tax Tips for Small Businesses in 2021

small business taxesTo run a successful small business, there are a few tax tips every owner should know to help save money and minimize their tax liability. Here are our top ten tips: Continue reading

preparation to sell business

Tax Considerations When Selling Your Small Business

selling businessSelling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. Continue reading

retiring overseas

Avoiding Tax Surprises When Retiring Overseas

retirement abroadAre you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Continue reading

unemployment tax break

Q & A: The $10,200 Unemployment Tax Break

Generally, unemployment compensation received under the unemployment compensation laws of the United States or a state is considered taxable income and must be reported on your federal tax return. However, a new tax break–in effect only for the 2020 tax year–lets you exclude the first $10,200 from taxable income. Here’s what you should know: Continue reading

economic impact payment stimulus check

Economic Impact Payments: Rounds Three

On March 12, following the American Rescue Plan Act’s approval and signing, the IRS began sending out the third round of Economic Impact Payments. Most payments were sent out via direct deposit, but approximately 150,000 checks were mailed by the Treasury Department as well. Taxpayers who received EIP1 or EIP2 but didn’t receive a third payment (EIP3) via direct deposit will generally receive a check or, in some instances, a prepaid debit card (EIP Card). Continue reading

reviewing tax credits

Highlights of the American Rescue Plan Act

review tax documentsSigned into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let’s take a look: Continue reading