by Karla Dennis | Jun 22, 2014 | Blog
If you currently don’t feel the comfortable about your tax situation, there is a simple way to change that: plan ahead. With every coming tax season people panic because they are either unaware of their tax situation, they aren’t happy with their tax situation or they simply don’t like dealing with the IRS. Follow Karla’s tips to reduce your tax bill and find out how, by planning ahead and talking to your tax representative you can make your taxes be as simple and enjoyable as eating ice cream. read...
by Karla Dennis | Jun 22, 2014 | Blog
Are you one of the millions of Americans that keeps a big shoebox of all of your receipts from the year so you are prepared for tax season? While keeping all these statements and receipts can help you on taxes, they are not always the best tax strategy for you. In fact, for some people, it is a more profitable tax strategy to simply take the standard deduction and forego the itemized return. The government offers an option for standardized deductions. You don’t need as much information. It only requires checking a box where you agree to input your income and take the deduction that is deemed correct for that current tax year. This tax strategy is often effective if find that you don’t have a lot of deductions to itemize on your taxes. One of the best ways to know if your tax strategy should include itemized deductions is to consider how many deductions you actually have. Some common tax deductions include a mortgage deduction that allows the interest you pay on your home mortgage to be deducted from you taxes. There is also a medical tax deduction for people who pay above a specific percentage of their taxes toward medical bills. Charitable gifts and expenses from education can also be deducted. If you have some kind of loss such as disaster, death, or theft, you may be able to deduct those losses from your taxes. All of these deductions should be figured in as part of your tax strategy. There are many tax deductions available. Many tax professionals suggest itemizing your taxes and comparing the money you...
by Karla Dennis | Jun 19, 2014 | Blog
Most people dread having to prepare and gather their tax documents for the upcoming tax season, however if you plan ahead it can and will help you lower your overall tax bill. There are several reasons why you should look at your taxes and be aware of your tax situation before meeting with your preparer; in this video Karla helps you understand why it is so important, especially with the potential of a government shutdown...
by Karla Dennis | Jun 18, 2014 | Blog
Everyone wants to retire with financial freedom, but for many Americans that freedom is hard to come by. What many people lack is a successful tax strategy that allows for more than just a 401K. There are a few reasons why your tax strategy should be more diverse. First, a 401K isn’t enough money. For years, employees could look forward to the financial stability that comes from a pension, but most employers have moved from establishing a permanent reimbursement plan to a plan where they donate, or meet, a specific percentage of income every month. The problem with this tax strategy comes because most employers don’t donate enough to your 401K to really allow you to use that savings plan as your only source of income. Another problem with a 401K is that it is very easy to put off saving. Usually a company will match the amount of money an employee puts into their 401K, but it is not required to put in the full amount. If you are looking for an effective tax strategy for saving money, put in the full amount of money in your 401K. The money is often tax deductible until it is withdrawn from your account. Finally, the amount of return that comes from a 401K doesn’t always offer the greatest return. It is the same way with any investment. If you put all your money in the stock market, you could lose money and end up with nothing. With a tax strategy that includes a varied portfolio you have a better chance of gaining more stability. It is never too early to...
by Karla Dennis | Jun 18, 2014 | Blog
Is your business in compliance? Does your business have the correct compliance licenses with your city, state, federal, insurance, etc. Most business owners either don’t get the correct licenses or don’t keep them...
