Understanding Tax Terms: Installment Sales

Monday, July 26

Understanding Tax Terms: Installment Sales If you use an installment sale to help sell property, you can benefit from tax deferral and possibly lower your overall tax bill. But you need to watch out for certain tax traps if you do. Installment sale defined Generally, you create an installment sa...


Time for a Checkup! Are you withholding enough for your taxes?

Friday, July 16

Time for a Checkup Are you withholding enough for your taxes? As we enter mid-year, it's a good time to check your tax withholdings to ensure you haven't been paying too much or too little. This is especially true if your income was impacted by the pandemic or you have a change to your ma...


Good Debt Versus Bad Debt - How to tell the difference?

Monday, July 12

Good Debt Versus Bad Debt - How to tell the difference? Not all debt is created equal. Knowing the difference can change the way you look at your spending. Good debt adds value Good debt often leads to financial growth, because the product or service being purchased adds more value than the deb...


Small Business IRS Audit Mistakes

Saturday, July 10

Small Business IRS Audit Mistakes In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you do get audited by Uncle Sam. Mistake: Missing income.A long history of investigating has led IRS auditors to focu...


Ideas to Lower Your 2021 Tax Bill

Friday, July 09

Ideas to Lower Your 2021 Tax Bill Now is the time to begin tax planning for your 2021 return. Here are some ideas: Contribute to retirement accounts. Tally up all your 2021 contributions to retirement accounts so far, and estimate how much more you can stash away between now and December 31. So c...


Thinking of Selling Your Home? Hot market requires tax knowledge

Thursday, July 08

Thinking of Selling Your Home? Hot housing market requires tax knowledgeWith housing prices skyrocketing, more homeowners are considering cashing out to multiples over list price! Especially since one of the largest tax breaks available to most individuals is the ability to exclude up to $250,000...