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...
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...
