by Karla Dennis | Feb 23, 2015 | Blog
I get this questions a lot from my clients asking me if home ownership and having a mortgage is still worth it for income tax purposes. My answer for the most part is yes. Now for purposes of this article, we are not going to address those of you – not me – who are heading toward retirement and winding down your earning years. Many of you are thinking about paying off your homes. Depending on your income tax bracket that may or may not be such a great idea. Mortgage interest and home ownership is by far the best tax write off or tax deduction available. Last week, I told you about strategic tax planning being by far the best way to lower your income taxes. Even if you make the silly mistake of not tax planning, home ownership and having a mortgage is a great way to lower your income taxes. read...
by Karla Dennis | Feb 16, 2015 | Blog
Have you ever wondered why do some people save money and other people have no money saved? Of course you do. Being a tax professional, I get to see how people are able to save money and how much people save. What I find interesting is people’s savings are not based on how much money they make. It is almost quite the opposite. People who make the most have a tendency to have the least amount saved relative to their income. Of course there are exceptions. Those who make less money have more money saved. read...
by Karla Dennis | Feb 9, 2015 | Blog
ARE YOU PLANNING? One of the biggest questions I get every year is how you can save money on your income taxes. The answer is simple: The best ways to save is to do Strategic Tax Planning. An STP, which is what I like to call it, really gives you and I an opportunity to work on restructuring your finances based on your history, income, goals and tax laws. If you have not engaged with me or my team in the last 365 days to do strategic tax planning, you are over paying your income taxes and losing money in other areas of your financial life. read...
by Karla Dennis | Jan 7, 2015 | Blog
The first official electronic filing date is January 20, 2015 this year. The five day delay is due to late tax law changes and budget cuts. This year IRS has implied that refunds will be delayed because of budget cuts. I have noticed that IRS has consistently been delaying the issuance of refunds. The larger the refund, the greater the...
by Karla Dennis | Dec 10, 2014 | Blog
The deadline to file corporate taxes is an important one for business owners to be aware of because they have to file their tax return by March 15th; if they don’t, they will need to file an extension. Karla also wants to remind you that it is imperative that you know what type of corporation you are, whether it is an S-Corporation or a C-corporation, because this will help you get your tax return filed as accurately as...
