by | Dec 29, 2015 | Business Profit & Cash Flow Tips, Other, Personal financial planning, Small Business Owners
Most people are interested in adding real estate to their investment portfolio. However, simply adding random properties or making investments that don’t pay off or make a profit is not an effective use of your funds. Savvy investors working with financial advisors...
by | Dec 4, 2015 | Accounting & Bookkeeping, Income Taxes, Personal financial planning, Tax Tip of The Week
Many wage-earning taxpayers with children believe that since they are not in business or don’t own rental properties, their tax-planning opportunities are limited. While they don’t have anywhere near as many options, there are still a number of strategies that...
by | Oct 21, 2015 | Accounting & Bookkeeping, Income Taxes, Personal financial planning, Sales & Marketing, Small Business Owners, Surviving an IRS Audit Series
This is the clean version of my client’s first thoughts when they receive an audit notification. Then, naturally, they start panicking about their return—if it was done correctly, what deductions they took, and what to do now. If this happens to you, first of...
by | Sep 3, 2015 | Accounting & Bookkeeping, Books, Business Profit & Cash Flow Tips, Income Taxes, Personal financial planning, QuickBooks, Small Business Owners
Under the hobby loss rules you can’t deduct expenses in excess of income, so no loss is allowed. A recent tax court case (Akey, TC Memo 2014-211) involved a collector of sports memorabilia who also was a full-time quality assurance engineer. On his tax...
by | Jan 15, 2015 | Current Affairs, Income Taxes, ObamaCare, Personal financial planning
How does an individual file for an exemption? There are two ways to request an exemption. The first way is through the state Health Insurance Exchange. These exemption requests will be reviewed by the residing State exchanges. If the exemption is...
by | Jan 14, 2015 | Current Affairs, Income Taxes, ObamaCare, Personal financial planning
Who is exempt from paying the Health Insurance Penalty for not being insured? Just because you don’t have insurance doesn’t mean that you will have to pay the penalty. The law provides many ways to be exempt from any potential fines due. Since 2014 is...
