Which Business Entity Is Right For Me?

Many business owners occasionally think about whether they should change entity structures. Trying to decide between the more popular entity structures, such as LLCs, C corporations, S corporations, partnerships or the simple sole proprietorship can get confusing. Here are some common reasons why you may want to change the entity structure of your business and…

Avoid these IRA mistakes

These days we need to do all we can to boost our retirement savings, and tax breaks can help. To build your individual retirement account and maximize your potential savings, avoid these common IRA mistakes: Don’t delay opening an IRA. The earlier you start, the longer your savings will compound tax-deferred. Those extra early years…

How Stay-at-Home Orders Change Money Habits

The most fruitful periods of growth often happen when they are the least expected. Teachers and parents call them teachable moments. By reflecting on how you handle the situation, you can learn a lot about yourself. The disruption caused by this year’s pandemic is a massive teachable moment for all of us regarding money. Here…

Help Your Favorite Charity With These New Tax Breaks

The CARES Act authorizes several new tax breaks for charitable donations in 2020. Here are three tips to help your favorite charity while receiving a tax break: Donate up to $300. More taxpayers are claiming the standard deduction instead of itemizing deductions thanks to the 2017 tax reform, which means that charitable contributions aren’t tax…

ID Theft: You’re a Bullseye

What thieves are after, why they’re after it, and what you can do about it. In past years, identity thieves dived into dumpsters, grabbed purses and opened mailboxes to steal a person’s identity. Now thieves tend to be more tech savvy. They rely on phone calls and emails to gather personal information from the unwary.…

Your Tax Season To-Do List

With tax filing just around the corner, now is a great time to organize your thoughts and records to make the filing process easier. Here are some ideas: Create an April 15 reminder. It’s the deadline for filing your 2019 individual income tax return, completing gift tax returns, making contributions to a Roth or traditional IRA…

4 Tax Moves to Make Before 2019 Ends

Despite past, present and future changes to the tax rules, some year-end tax-planning advice remains unwavering. Here are a few time-tested strategies to consider: Maximize retirement plan contributions. You’ve heard this advice many times, because it’s one of the best strategies for saving tax dollars, especially when wages are your primary source of income. The maximum…