Tax Insights – August 2019 Keep Your Records Organized Don’t waste you time in January and February trying to scramble and get your records and receipts put together for tax preparation. Get organized and stay organized. The cleaner your books and detailed supporting documentation the more likely you will take advantage of all tax credits […]
Tax Insights – July 2019 Hiring Your Kids Did you know if you are a sole proprietor, husband-wife partnership or one-person LLC that is a disregarded entity, you can hire your children that are under 18 years of age as a way to lower your tax bill? Any wages paid are a business deduction and […]
Tax Insights Retirement You may not have an employer offered 401(k) but that doesn’t mean that you cannot have a tax deferred retirement account. One option is to fund an IRA (individual Retirement account). The maximum yearly contribution allowed is $6,000 if under age 50 and $7,000 if age 50 or older. An IRA must […]