Does your small business have a nice net profit so far this year?  Great!  However, if I asked you if your business was healthy and sustainable, would you know how to answer me?  This is obviously a very complex question and involves analyzing several different aspects of your business model.  But, if you are like [...]

n 2013, there were multiple changes in certain tax rates. Make sure to be aware of these changes before filing your 2013 tax return so that there are no surprises on your return. Increase in Top Tax Rate Beginning in 2013, a new top tax rate of 39.6 percent took effect. This rate applies to [...]

Are you wondering how to make a difference in your tax return? Deferring or accelerating your deductions could make the impact that you are looking for. Deferring Deductions into 2014 If a client expects to move into a higher tax bracket in 2014, or anticipates a substantial increase in taxable income or net investment income [...]

Today, we will address the benefits of either accelerating your income into 2013 or deferring your income into 2014 depending on your financial situation. Accelerating Income into 2013 It may be prudent to accelerate income into 2013 where the taxpayer will have more income in 2014, with the potential of being in a higher tax [...]

In today’s post we will address:  1) Charitable Donations Using IRA Distributions 2) Qualified Principal Residence Debt Exclusion 3) Expiring Tax Credits. Charitable Donations Using IRA Distributions There is a special rule, not available after 2013, allowing taxpayers age 70-1/2 and older to make a qualified charitable distribution of up to $100,000 from the individual's [...]