by Karla Dennis | Jun 29, 2014 | Blog
Karla has been discussing keys to opening the vault to your cash flow by minimizing your tax bill. Her fourth key is to have a tax conversation with your tax professional. If you don’t like the tax professional you are dealing with, you don’t want to talk to them or they don’t want to listen to you, then you’re not working with the right person. By having a basic conversation with your tax professional and providing them with all of your life’s situations, they can take information from that and help you reduce your tax bill. read...
by Karla Dennis | Jun 27, 2014 | Blog
Are you wondering whether or not you should refinance? Many Karla Dennis And Associates, Inc.™ clients ask me this question all the time. So, let’s look at the benefits and then you can talk with the gentleman to your left, Mark Latini. Lower Your Monthly Payment A mortgage refinance can reduce your monthly payments. For instance, a refinance could extend the term of the loan from 15 years to 30 years, which would reduce monthly payments. For example, the monthly payments of a $200,000 mortgage with a 7 percent interest rate would drop from about $1,792 to $1,329 by changing from a 15-year loan to a 30-year loan. read...
by Karla Dennis | Jun 26, 2014 | Blog
Going through a government shutdown can be an upsetting time for taxpayers especially those that owe money to the IRS. While your tax consultant’s hands are tied in many situations with regards to audit appointments and appeals hearings, one important thing they can help you do is preserve your taxpayer rights. There is writing in the tax code that can allow for you to get your money back. Listen as Karla explains how, in a tumultuous situation like a government shutdown, it’s important you enlist the help of your tax professional. read...
by Karla Dennis | Jun 26, 2014 | Blog
It takes a lot of work to get your home ready to be sold, and as you work through the process you should be aware of your tax strategy as well. In fact, if you pay attention to the amount of capital gains taxes that you pay, you could save yourself some serious cash in the sale of your home. What is the capital gains tax, and how does that apply to your tax strategy? A capital gain is simply the money that you make as an item or property increases in value. In many instances capital gains apply to real estate because there is such an influx in the appreciation or depreciation of a home. If you have lived in the home as your primary residence for two of the past five years, the money you make on the home could be taxed at as much as 20%, depending on your income. It can put a huge damper in your tax strategy when you have to pay that much of your profit to Uncle Sam. Now, you may wonder why you should consider capital gains throughout the time that you own your home, but it is an essential part of any good tax strategy. The reason behind this is that the losses that you take on the home can be tax deductible. Losses can include repairs or improvements made on the home. That means if you paid to increase your home value by putting in a fence or finishing a basement, you can potentially deduct the money put into those improvements from the money that you gain in...
by Karla Dennis | Jun 25, 2014 | Blog
Is your business in accounting compliance? According to the law your business has to keep “adequate” books and records. What does that mean? It means that you need to keep the correct documents in order to keep your accounting in compliance. Most business owners don’t keep the correct documents to stay in compliance, don’t be out of...
