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Donald Trump Inauguration: How Trump, GOP Policies Could Affect Economy

Donald Trump (Shutterstock photo) Every 4 years the American public go to the polls to settle an age-old debate of whether Republicans or Democrats make more sense for the economy. This time around Republicans emerged victorious and at the end of the week Donald Trump takes the...
Posted On 23 Jan 2017

5 Things You Need to Know When Filing Your Tax Return This Year

Most people make New Year’s resolutions, ranging from losing weight to saving more money. But, few people put “understanding the tax law changes” on their list of goals for the upcoming year. While you don’t have to become a tax expert overnight in order...
Posted On 18 Jan 2017

Tax Deductions for Independent Contractors

ANSWER You should receive a Form 1099 MISC from your old employer by the end of January reporting your self employed income for 2016 You ll need to report that income on a Schedule C accompanying your tax return You may be able to use the shorter Schedule C EZ if your business...
Posted On 17 Jan 2017

3 Tax-Planning Tips to Consider as Donald Trump Gets Down to Work

After Donald Trump s election as our next president some of my clients and their accountants were swirling with questions particularly about the future of income taxes Will tax rates go down in 2017 Should people give away a bunch of money to charities in case itemized deductions...
Posted On 12 Jan 2017

Tax Tip for Your 2016 Return: Write Off Home Refinancing Points

When you buy a house you get to deduct in one fell swoop the points fee paid to get your mortgage In exchange for paying points up front the lender reduces the interest rate on your loan When you buy a house you get to deduct in one fell swoop the points fee paid to get your...
Posted On 10 Jan 2017

2016 Tax Return Tip: Deduct Student-Loan Interest Paid by Your Parents

Generally you can deduct interest only if you are legally required to repay the debt But if parents pay back a child s student loans the IRS treats the transactions as if the money were given to the child who then paid the debt Generally you can deduct interest only if you are...
Posted On 10 Jan 2017

Tax Tip 2016: A Tax Break for Airline Baggage Fees?

Airlines seem to revel in driving travelers batty with extra fees for baggage online booking and for changing travel plans Airlines seem to revel in driving travelers batty with extra fees for baggage online booking and for changing travel plans See Also 23 Tax Deductions You Can...
Posted On 09 Jan 2017

States Where Taxes Are Going Up in 2017

Although President elect Donald Trump has pledged to cut federal taxes state taxes are rising across the U S as financially strapped states search for funds to repair deteriorating infrastructure and close widening budget shortfalls In their search for revenue states have Source
Posted On 09 Jan 2017

Its Time to Start Planning for the 2017 Tax Season

It s hard to think about planning ahead for 2017 taxes when you haven t even thought yet about filing for 2016 But the best time to prepare for the next year s tax season is actually before the current year end It s hard to think about planning ahead for 2017 taxes when you haven...
Posted On 03 Jan 2017

One of the Best Ways to Give to Charity

For investors who are planning on giving money to a favorite church or charity before year end consider one of the greatest charitable giving tax strategies in the tax code For investors who are planning on giving money to a favorite church or charity before year end consider one...
Posted On 29 Dec 2016