by Karla Dennis | Jul 6, 2014 | Blog
In a continuous conversation discussing four keys to opening the vault to your cash flow, Karla discusses tax minimization and the importance of having regular, honest conversations with your tax professional. She also shares a recent story of how having a conversation about life’s current circumstances helped saved one customer thousands of dollars on their tax bill. If you work with an experienced tax professional to strategize and maximize all of your tax benefits, you can successfully open the vault to your cash. read...
by Karla Dennis | Jul 4, 2014 | Blog
We live in a technology age. Everything is on computer. Our information has to be protected so it becomes increasingly important to keep your eyes peeled for scams. Especially around tax season, there are a variety of scams dealing with tax strategy. Understanding some of the red flags behind these tax strategy scams can help you avoid a lot of heartache. The first very common tax strategy scam is for people to try to get a hold of your tax return. This scam can come in the form of someone offering to prepare your taxes for next to nothing only to change the address so the return is sent their way instead of to your mailbox. To avoid this scam, you should never give information to anyone that isn’t an accredited tax professional. Don’t allow your papers to be sent without you double checking all of the information. Another common tax strategy scam is for someone to try to use your tax information as a form of identity theft. When you are preparing your taxes you have to realize that the information you include on tax forms is confidential information. You should always shred all information that has to do with your taxes, and, if you suspect any form of identity theft, you should report it immediately to prevent more problems. Most of the time, you can spot a tax strategy scam because the person is trying to bring you in with a deal that is too good to be true. If it seems like it is too good of a deal, it probably is. For example, many scammers...
by Karla Dennis | Jul 3, 2014 | Blog
If you have completed a short sale recently or in years past you need to work with someone that is seasoned in this area of the law because it can be difficult to understand, especially if you are not familiar with it. Whether you short sale your primary residence or an investment property, there are different laws that apply to you when filing your tax return. Listen as Karla explains the difference as well as the importance of working with someone who knows the tax law when it comes to short sales. read...
by Karla Dennis | Jul 2, 2014 | Blog
Is your business in tax compliance? Are you filing all your tax returns in compliance? Are you filing the intern tax forms in compliance? When you own a business there are many different dates and forms that must be filed in order to stay in compliance. In the video Karla goes through some the most common mistakes that businesses make that causes them to be out of compliance. Don’t have your taxes be out of...
by Karla Dennis | Jun 30, 2014 | Blog
Most parents want their children to go to college with good reason. It gives you a distinct advantage when it comes to making your way in the world, but how can you make college savings fit into your tax strategy? First, you should know that a college education does come with some tax benefits, but you usually have to be in college to claim the benefits. The good news is that all that money that you are able to put aside for your child’s education has already had taxes paid so it can eventually be deducted from your taxes. Many people think that it may be easier just to take out a loan for college when the time comes because it can be deducted, but this isn’t necessarily a savvy tax strategy because it means that you will have to pay interest on top of student tuition. One great way to include saving for college as part of your tax strategy is to try to save some of your return toward a college education. All of the money that you get back from the government may be able to make you money as you find small ways to invest in a college education for your children. There may not be a lot of benefit to saving in the long term for college, but your tax strategy should never just consider the here and now. Think ahead to the money that you can deduct from your taxes as you realize you can actually afford to pay the outlandish expenses that come with a college education. Your tax strategy should always...
