When gathering your previous year’s tax information or planning for the current year’s taxes, it is important to consider how you keep your personal records. Some basic records that everyone should keep include: W-2 Forms, bank statements, invoices, insurance records and various investment information. For more information on which records are vital to keep and organize for the tax season, read this C.P.A. Insight.
When creating a budget, you need to separate your expenditures into required or optional categories. This article contains a sample list of mandatory and discretionary expenses.
Creating a budget should allow you to see precisely where your money is spent each month. The basic steps include recording all of your income, and then divide your expenses into mandatory and discretionary. For more guidance on creating a budget, read this C.P.A. Insight.
About 75% of the businesses in our country are structured as sole proprietorships, unincorporated businesses that consist of one individual owner. This business structure is the simplest and least expensive to form and dissolve; however, it opens the owner to unlimited personal liability and debts of the business are debts of the owner. For more information on sole proprietorships, read this C.P.A. Insight.
Capital gains can have a serious impact on your tax situation. It is advisable to plan ahead, as present law provides different tax rates for different types of property with rules provided by a complex tax code. For more information on capital gains and their treatment, read this C.P.A. Insight.
Purchasing stocks as investments is often easier than selling because of most investors’ fears of capital gains. However there are several circumstances where it is beneficial to sell a stock and recognize the capital gain. For more information on when to take capital gains and losses, read this Financial Tip.
You may not be thinking of buying a house during the holidays, but as the new year rolls around, your home purchase may still qualify for the first-time homebuyer tax credit. This credit was recently extended, and not only first-time buyers qualify. For more information on the new qualifications for this tax credit, read this C.P.A. Insight.
The staggering statistic is that most small businesses fail within the first four years. A successful business is continuously growing and adapting to the current business environment and not resting on its laurels. For the top 10 avenues of potential failure and how to avoid some of the pitfalls associated with them, read this C.P.A. Insight.
When you hire a tax adviser, you are paying for more than the preparation and filing of your returns. A tax adviser’s job is to be creative enough to structure your financial situation to take advantage of as many deductions as possible. For more information on how to work with a tax adviser and what your responsibilities are, read this C.P.A. Insight.
When you hire a tax adviser, you are paying for more than the preparation and filing of your returns. A tax adviser’s job is to be creative enough to structure your financial situation to take advantage of as many deductions as possible. For more information on how to work with a tax adviser and what your responsibilities are, read this C.P.A. Insight.
