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Tax Central
We are dedicated to keeping clients abreast of the latest tax law changes, planning strategies and vital tax-related information. This section includes a library of timely articles, due date reminders and much more. The articles are categorized by subject matter, which can be accessed from the links.
Click on your topic of interest and find a wealth of information.
This section is a compilation of our client information brochures. These brochures cover frequently encountered tax and financial issues. There are many topics to choose from, and you will find valuable and useful information for under each one. Whether you're looking for tax planning tips, planning out your child's education, or in the process of selling your home, you can find all the answers here.
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- Small Business Guide
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Keep Your Small Business AdvantageWhile your know-how is certain to make an important difference in your business' success, you're no doubt well aware that producing a winning combination for a smooth-running operation depends on many other factors as...
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- Keeping Your Tax Records
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When it comes to your taxes, good records are the best protection you can have if the government decides to audit your returns. But just as important as your effective recordkeeping are the measures you take to make certain that your records are kept...
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- Home Ownership - Your Best Tax Shelter
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Homeowners Receive Big Tax BreaksHome ownership can provide you with several important tax benefits… • Deductions for real estate taxes and home mortgage interest, and• Gain exclusion if you meet certain occupancy and holding period...
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- Household Employees and Your Taxes
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Employment Tax Responsibilities for Employers of Household Workers Household employees are workers you hire for “ domestic services,” i.e., those services performed in and about your home. Duties of cooks, butlers, housekeepers, governesses,...
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- Charitable Giving & Your Taxes
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Your Charitable Gifts Make a Difference for Others and for Your TaxesWhen you give away cash or goods to qualified nonprofit organizations, you will probably be able to take a tax deduction as partial reward for your generosity. However, the IRS rules...
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- Keep More Of What You Make
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Saving Money to Ensure Your FutureThe Smiths are college graduates with two healthy children, good jobs, a home worth about $160,000 and two relatively new cars. To the casual observer, they’re doing well. Yet anyone taking a close-up view would...
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- Planning, The Key To Your Financial Future
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Planning Ahead for Your FinancesWith the number of savings strategies being publicized these days, you’d think that planning ahead for retirement would be a fairly simple job. To the contrary; many investors are finding themselves uncertain that...
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- Planning Your IRA Strategy
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Your IRA Contribution OptionsFor over 35 years, individuals have been able to set up personal retirement plans called individual retirement accounts (IRAs). Nearly everyone who receives “compensation,” either as an employee or as a self-employed...
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- Tax Breaks for Higher Education
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Over the years, Congress has continued to enhance tax breaks for students and their parents. These tax benefits provide taxpayers with a large number of options for tax-favored financing of their education and the education of their family members. ...
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- Tax-Advantaged College Savings
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Overview Section 529 Plans (named after the section of the IRS Code that created them) are plans established to help families save and pay for college in a tax-advantaged way and are available to everyone, regardless of income. These state-sponsored plans...
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- Selling Your Home
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Federal tax laws allow each individual taxpayer to exclude up to $250,000 of gain from the sale of his/her main home, if he/she meets certain ownership and occupancy requirements. (A married couple that meets the qualifications can exclude up to $500,000.)...
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- Using Your Home Equity
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An individual’s home is one of his/her most valuable assets, if not the most valuable. Over time, the home’s mortgage will be paid down and the home will increase in value, providing a substantial amount of equity.Homeowners frequently look...
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- Required Minimum IRA Distributions
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Overview The most recent IRS regulations substantially simplify rules for required minimum distributions (RMD) from IRAs.
There are life expectancy tables that allow smaller distributions to be taken over a longer period.
The calculation of the RMD...
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- Making Estimated Tax Payments
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Why Pay Estimates? The tax system is intended to be a “pay-as-you-go” system, and the only way to prepay taxes is through withholding and estimated taxes. Generally, payroll comes to mind when we think about withholding, but withholding is...
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- Tips On Filing Your Tax Return
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Deadline for Filing Your ReturnGenerally, individual tax returns are due on the 15th day of the fourth month after the close of your tax year. Since virtually all individual taxpayers file on a calendar year, the due date for most individual taxpayers...
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- E-filing Your Tax Returns
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Basics of E-filingWhen e-filing (electronic filing) was first introduced, only the less complicated tax returns qualified. This led to the general public’s perception that e-filing was for short forms with refunds. Since then, e-filing has matured...
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- Disaster Casualty Losses
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A disaster loss is actually a casualty loss that occurs in a geographic area that the President of the United States declares eligible for Federal disaster assistance. Disaster losses are also eligible for special tax benefits, which are discussed in...
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- Rental Real Estate as an Investment
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A popular form of long-term investment is real estate rentals. Rentals can fall into several varieties, of which real estate rentals is the most common. This material will explain some of the tax ramifications of renting real estate, both residential...
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- Alternative Minimum Tax (AMT) Strategies
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The Alternative Minimum Tax (AMT) is a tax that was originally intended to ensure that wealthier taxpayers with large write-offs and tax-sheltered investments pay at least a minimum tax. To accomplish this, Congress created a second (alternative) tax...
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- It's Tax Time! Plan Ahead For Your Appointment
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Are You Ready?If you’re like most taxpayers, you find yourself with an ominous stack of “ homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually...
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- Coverdell Education Savings Accounts - Planning Ahead For Your Child's Education
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Overview of Coverdell Education Savings AccountsThese accounts, originally referred to as Education IRAs, became available in 1998 and subsequent years. These accounts are nondeductible education savings accounts. The investment earnings from a Coverdell...
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- Roth IRA - Is It For You?
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Traditional IRAs are familiar to most taxpayers, providing a relatively simple method of saving for retirement AND deferring taxes in the process. But one drawback of the Traditional IRA is that once withdrawals from them begin, distributed earnings and...
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- Tax Considerations for Retirees
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If you’re retired or near retirement, you’ve probably already done the homework to ensure you’re ready financially. But hopefully your research has not left out the tax ramifications that the transition to retirement usually brings....
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