Not All Interest An Individual Pays is Deductible The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities. Interest expense can fall into any of the following categories:
On Friday, December 1, 2017 the Senate was voted on their version of the Tax Cut and Jobs Act. Rumblings out of Washington DC indicate that the GOP leadership has reached an agreement that the House will put the Senate version to a vote without reconciling the differences between the House and Senate versions. As […]
Tax is Zero on any long-term capital gains for taxpayers within the 10% or 15% tax bracket Taxpayers whose top marginal tax bracket is lower than 25% enjoy a long-term capital gain tax rate of zero. That’s correct – the tax on any long-term capital gains for taxpayers within the 10% or 15% tax bracket […]
Scams and Phishing on the Rise Almost every day the IRS issues notices to taxpayers and tax preparers warning of new scams seeking access to individuals’ financial information and ID information, which the scammers want to use to file fraudulent tax returns, gain access to bank accounts, or steal credit card information to make fraudulent […]
Enhance Your Cash Flow, Enhance Your Business Cash flow is ultimately one of the most important factors of a business that far too many people aren’t paying enough attention to. Cash flow maintenance is about more than just knowing how much money is coming in versus how much money is going out. If your business is […]
You may think a natural or man-made disaster will never happen to you, but it can be a nightmare when it does. This current hurricane season is a good example, not to mention the wildfires in the West, the tornadoes in the Midwest, plus the potential for inevitable earthquakes.
When You Should Stop Doing Your Own Accounting Running your own business is a complicated affair with a wide range of different “moving parts” to concern yourself with, but many people don’t realize how many of them ultimately lead back to your finances until it’s far too late.
Premium Tax Credit Explained Almost everyone is required to be insured or pay a penalty as part of Obamacare. Unfortunately, this created a substantial financial burden for lower-income families. So, in order to alleviate this situation, Obamacare included a subsidy, referred to as the premium tax credit (PTC), to help them pay the cost of […]
One major difference between being an employee and being self-employed is how you deduct the expenses you incur related to your work. If you are self-employed, you’re able to deduct expenses on your business schedule, but is you are an employee you are limited to deducting them as itemized deductions.
TV ads focusing on home solar touting free electricity as these savings and tax credits may not be all that they are advertised to be as it all depends upon your financial and tax circumstances. Keep in mind that home solar is not necessarily the best option for everyone. So, before you make a decision, […]