When people think of tax reduction strategies, life insurance is not often at the top of their list. It is true that term life insurance does not provide any immediate tax benefits, but permanent life insurance is an entirely different story. There are numerous ways to use a permanent life policy to lower your taxes. […]
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Financial advice for small business owners is everywhere – from seasoned financial experts to individuals who have been running their own companies for years. While there is a wealth of beneficial information to read up on regarding general accounting practice, cash vs. accrual basis, and all of the brass tacks that go into financially managing
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The U.S. Department of Labor recently issued new overtime rules that will become effective December 1, 2016. The new rules raise the salary level for workers to be eligible to receive overtime pay by more than double. The current threshold is $23,660; on December 1, it goes up to $47,476. This means employers will now
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Tax Return Identity Theft is Still a Problem: How to Prevent Tax Fraud Tax filing season is behind us, and you may have noticed that electronically filing your tax return this year required you to jump through a few more hoops. The IRS has taken measures to curb the rise of tax filing identity theft,
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Planning for retirement is the most critical financial action you can take. Many Americans are not as prepared for retirement as they should be, and if you still have some time to prepare, it is important to make this a priority. Assuming you are close to or already entering retirement, it is also important
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Should you Deduct State Income Tax or Sales Taxes on your 2016 Return? Most of us just finished filing our 2015 taxes, so you might think it is too early to focus on deductions for 2016. However, if you wait until next year, there is some potential tax saving opportunities you could miss out on.
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Requirements Tighten for Education Tax Credits in 2016 Each year, tens of thousands of taxpayers claim an education tax credit to help offset the cost of tuition, books, and other qualified fees. There are two different credits currently available; The American Opportunity credit and the Lifetime Learning credit. Eligible taxpayers are allowed to choose one
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When you choose a piece of accounting software to manage your business’ finances, you have more options than ever, and your choices now include digital accounting systems. With QuickBooks services from BASC Expertise, you get access to QuickBooks in the cloud, which differs slightly than what you may expect with a desktop version of the
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In January of 2014, the President announced a new investment program being created by the Department of Treasury called the MyRA account. The purpose of this account is to give lower to middle income Americans easier access to a retirement account, so more would be encouraged to start saving. The plan was officially rolled out
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Your taxes are more than a one-time-a-year endeavor, especially if you own a business. Running a business venture comes with additional tax due dates and the need to plan ahead to both meet those deadlines and ensure that you aren’t overpaying or underpaying with each filing. Failure to do so could jeopardize your business’ success
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