Menu

Archive | Insights & Perspective

3 Last-Minute Tips That May Help Trim Your Tax Bill

You may still have time to reduce your federal tax liability by taking certain steps. For example, contribute the maximum to your retirement plans by year end, including traditional IRAs and SEP plans. Another idea: If you make your Jan. 2020 payment this month, you can deduct the interest portion on your 2019 tax return […]

Continue Reading 0

Medical Expenses: What it Takes to Qualify for a Tax Deduction

Medical services and prescriptions are expensive. You may be able to deduct some expenses on your tax return but the rules make it difficult for many people to qualify. You may be able to time certain medical expenses to your tax advantage. For 2019, the medical expense deduction can only be claimed to the extent […]

Continue Reading 0

What is your taxpayer filing status?

When you file your tax return, you do so with one of five filing statuses. It’s possible that more than one status will apply. The box checked on your return generally depends in part on whether you’re unmarried or married on December 31. Here are the filing statuses: Single, married filing jointly, married filing separately, […]

Continue Reading 0

Five Ways to Trim 2019 Taxes

Does your business use and accrual-based accounting system? If so, there may still be opportunities to reduce your 2019 tax bill. Read on for 5 ideas on minimizing this year’s tax bill. We’re always here to help, so contact us to learn more about these and other ideas that may reduce your tax burden for […]

Continue Reading 0

Using your 401(k) plan to save this year and next

Does your employer offer a 401(k) or Roth 401(k) plan? Contributing to it is a taxwise way to build a nest egg. If you’re not already socking away the maximum allowed, consider increasing your contribution between now and year end. With a 401(k), an employee elects to have a certain amount of pay deferred and […]

Continue Reading 0

Selling securities by year end? Avoid the wash sale rule

If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule. Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the 30-day period before or […]

Continue Reading 0

Watch Out for Tax-Related Scams

Victims of tax-related scams can be contacted through regular mail, phone calls and email. If you receive a text, letter, email or phone call purporting to be from the IRS, keep in mind that the tax agency never calls taxpayers demanding immediate payment using a specific method of payment (such as a wire transfer or […]

Continue Reading 0