Facing a Personal Income Tax Audit? Here’s Help

Income Tax Audit

The mere mention of the word “audit” can be deeply unsettling, even to the average law-abiding American taxpayer. This year, a poll from Rasmussen Reports found that 23% of Americans were worried the IRS would audit their taxes – the highest level of concern reported in over 10 years.

As unpleasant as audits seem, they are often simply routine analyses of randomly chosen taxpayers. You may not have done anything wrong to trigger the audit – and even if you have, you don’t need to panic. Here’s what to do when faced with a personal income tax audit.Continue reading

Contractors vs. Employees—How It Affects You and Your Income Taxes

For those of you with a very specific set of skills and interests, you likely know exactly what you want to do with your life. Choosing a career isn’t something you need to think about, but there is something you may want to consider: being a contractor vs. an employee.

There are benefits to both options, and it is important to weigh each side objectively and decide which is the best choice for you. Let’s take a look at both and how they differ.Continue reading

How Staying on Top of Your Finances Will Benefit Your Family

We all spend money day in and day out, and while we don’t always pay close attention to what is being spent, it really pays to do so. In fact, staying on top of your finances can benefit your family in many ways. Let’s take a look at some of them.

You have more control over your money.

When you know exactly where your money is coming from and where it is going, you are better able to save for a rainy day. Unfortunately, many people don’t pay attention to how much they’re spending, making it harder to save.

By setting up a simple budget, you are being intentional about how you spend your money, as well as how you save it. Paying close attention to your budget gives you a clear picture of how much of your money is disposable income. You can make better decisions regarding large purchases and plan for future expenses.Continue reading

Tax law changes will end some deductions

Article from Times Herald-Record
Monday, January 5, 2018

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The new tax law signed by President Trump has changed the way businesses must consider meals, entertainment and transportation expenses.

Generally, meal and entertainment expenses were previously 50 percent deductible. The changes made with the recent legislation (H.R. 1) mean that entertainment expenses are now 100 percent not deductible for amounts paid or incurred after December 31, 2017.Continue reading