Senate Passes the Tax Bill, What’s Next?

Why is it so important that Senate Passes the Tax Bill?

Tax Cuts and Jobs Act Heads To Reconciliation

So, Senate passes the tax bill. Yes, the Senate GOP finally brought their version of the Tax Cuts and Jobs Act out of committee and before the full Senate. Tax Reform, another name for the bill, passed by a narrow margin of 51-49 down party lines. The only dissenting Republican Senator was Bob Corker of Tennessee, who tweets that he reluctantly cast his vote as “no” over long-term fiscal issues. Continue reading

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Long Term Care Costs Await Seniors: Tax Deductibles Help Abate the Price Tag

Elderly Long Term Care Costs Will Always Be Part of Life

All seniors should consider planning for long term care costs. This is because Seniors often face the prospect of entering a nursing home to receive long-term care. And, for most seniors a nursing is their final residence before passing away.

At other times, for the more fortunate, the elderly person will remain at home and receive some type of assistance with his or her everyday activities. Both of these options can involve considerable expense to the senior. As a result, care should be taken to claim every tax deduction available in these situations to help abate the costs. Continue reading

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KPI for Every Facet of Your Business

What is a KPI? How do you use KPI for every facet of your business?

KPI is an acronym for Key performance indicators. KPI is a metric or set of metrics companies use to measure performance. The use of KPI for every facet of your business is significant to upper level management decision making purposes. Continue reading

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Tax Issues When Married to a Foreign Spouse?

Are you married to a foreign spouse? A non-resident of the USA?

A foreign spouse or as the IRS puts it, a nonresident alien, what is that, you may wonder?  In this day and age, with businesses going global and worldwide travel being so easy, it is more and more common to see marriages take place between a U.S. citizen/non-U.S. citizen who is a resident of another country. These marriages trigger significant tax consequences. Continue reading

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Early Year-End Tax Planning To Take Advantage Of Possible Tax Reform

Wouldn’t you like to know about early year-end tax planning to take advantage of possible tax reform?

So, why do we think early tax planning is appropriate this year? Actually, with the prospect of major tax reform on the horizon, some strategies can be put into place before the end of the year that can substantially reduce your 2017 tax bill. That would be nice.

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What if Tax Reform Passes? Convert Your IRA to Soon?

Did you convert your Traditional IRA to a Roth IRA? Do you worry you may have done it too soon if Tax Reform Passes?

A lot of people are asking the question, “What if tax reform passes? What will happen since I When you convert a traditional IRA to a Roth IRA, you have to pay the tax on the conversion. However, individuals frequently do that so they can take advantage of future tax-free accumulations. Distributions from Roth IRAs are generally tax free, including any earnings (accumulations) while the account is a Roth account. Continue reading

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Natural Disaster Relief: Hurricanes Harvey, Irma

What is the IRS doing to help with natural disaster relief?

We are getting hit with a one-two punch this hurricane season between Hurricane Harvey, Hurricane Irma and who knows what else will hit. The last several years the IRS has typically acted to provide taxpayer relief for natural disasters such as hurricanes Kartina and Rita, the 2014-2015 record snow fall in New England, the 2010 New England floods, Hurricane Sandy, Hurricane Matthew, the Ebola Outbreak in 2014, and the 2010 Hatian earthquake. As you read this you would think we were facing the end, but thank goodness there has been help from the IRS. The typical measures often include delaying various filing deadlines, delating various payment deadlines, loosening rules for write offs for damage, and allowing for certain charitable contributions.

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How An Accounting Pro Can Help Your Small Business Boom

An Accounting Pro Can Make All the Difference in Your Business Success

It’s true, a professional accountant can provide powerful tax strategies with limited tax obigation, which results in saving money for your small business. One of the most positive qualities that many small business owners share is a burning desire – an insatiable willingness – to “do it all.” It’s what separates entrepreneurs from employees in the first place. An employee is more than willing to set out on the path that someone else has carved for them. An entrepreneur has a need to carve a path for themselves. Continue reading

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What You Should Know About IRA Basis

What is IRA Basis?

IRA basis is the sum of after tax contributions made to your Individual Retirement Account. This can include traditional IRAs, rollover IRAs, inherited IRAs, and Roth IRAs. Many taxpayers fail to keep track of after tax contributions to these retirement accounts. This is not a good idea because you end up paying tax twice on the money you contribute to your IRA; once on the way in and once on the way out. Continue reading

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