Small Business Retirement Plans

Deciding which retirement plan is best for you and your business can be challenging. There are many different factors to weigh depending on your overall financial position. It is important to consider, how to start the plan, who the plan will cover, how much if any you plan to contribute, any tax advantages, and what additional recordkeeping or administrative cost is involved.

Obamacare and You

HOW THE AFFORDABLE CARE ACT (OBAMACARE) WILL AFFECT YOUR 2014 TAX RETURN As many of you are now painfully aware through the media, The Affordable Care Act will bring some changes to the preparation of your 2014 individual tax return.  These changes will come in one of three ways.  Individuals will need to provide additional […]

Small Business gets a Break on Start Up Expenses

Small Business gets  a Break on Start Up Expenses When and how do I deduct expense incurred before I opened my business? Most new business and rental property owners will pay or incur expenses for investigating the viability of a business and expenses before actually opening the business or renting the property.  These expenditures are […]

Will these tax breaks be extended?

As of December 9, 2014 there are more than 50 temporary tax provisions that have not been extended for 2014. This normally would not be an issue as tax laws change frequently. The problem is that many taxpayers are expecting them to be extended for 2014, but without Congressional action they will not be part […]

2015 Taxes

As usual there are plenty of unknowns and changes as we close the 2014 tax year and prepare to file tax returns in 2015. First, the good news. Tax rates are unchanged for the first time in a while — the bottom rate remains at 10 percent and the top rate remains at 39.6 percent. […]

Amending your tax return

Ever wondered what you would do if after filing your taxes you realized that you missed a deduction, didn’t correctly interpret a tax law change that impacted you, or simply made a mistake? The IRS offers a solution for both personal and business tax returns which allows taxpayers to fix their originally filed return by […]