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
4 Tax Reduction Strategies for Retirement Read More »
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.
Should you Deduct State Income Tax or Sales Taxes on your 2016 Return? Read More »
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
Requirements Tighten for Education Tax Credits in 2016 Read More »
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
How to Implement a Tax Plan for Your Business Read More »
How to Prepare Now for Your 2016 Taxes Tax season is behind us, and unless you have filed an extension, hopefully you were able to get your return in before the deadline. While it is a relief to have our 2015 taxes behind us, it is never too early to start preparing for 2016. Remember, the more
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The 2015 tax year has come and gone, and now is the time to prepare for 2016 taxes. One area that every taxpayers needs to address is making sure they have health insurance. This year, the penalties are set to increase significantly if you do not have a qualifying health plan. Under the Affordable Care Act of 2010 (a.k.a.
Health Insurance Tax Penalties for 2016 Read More »
Come join us for Breakfast at BASC Expertise We will be speaking on how you can prepare for the next tax year without any surprises! Is your business structured properly? Are you utilizing all the deductions that are avaliable? And the current IRS tax code has literally dozens of deductions built into it that only self-employed taxpayers
Breakfast at BASC. . .Did you pay too much in taxes last year? Read More »
Do you know the difference between accounting and bookkeeping? When many small businesses open up, the owners sometimes use those terms interchangeably but they do have noticeable differences. In your small business, you have to keep up with both functions. Here are the differences between accounting and bookkeeping:  Bookkeeping is the process of the record-keeping of all financial transactions
What is the difference between Accounting and Bookkeeping? Read More »
As we approach March, tax season is in full swing. By now, you should have received your W2s and all the other paperwork you will need to file your taxes. If you do have all your paperwork together and you expect a refund, it is best to file sooner rather than later, because the longer
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