Financial Planning Insights

Tax liability refers to the money owed to the IRS or to state and local collection authorities. The liability could be a result of underpayment (or nonpayment) of taxes. Tax liability also results from ownership of a business, as well as from profits earned on the sale of real property or other assets. Some tax liabilities are on a pay-as-you-go..

In December of 2017, President Trump signed a new tax reform bill into law. With this bill came a number of significant tax changes to tax paying citizens. With all these new changes, we understand how you might be feeling overwhelmed.

Filing taxes is nobody’s favorite thing to do. With all the paperwork, forms, and numbers, the results can really upset taxpayers. 

It’s everyone’s favorite time of year - tax return season! Do you know how President Trump’s 2018 tax reform is going to affect you if you are a parent claiming dependents on your taxes? If you have young children or other dependents, there is a good chance you are eligible for the Child Tax Credit. This credit could reduce your federal income tax..

Small business insurance protects your business from financial hardships that may come your way. When looking for business insurance, you should always keep in mind the risks that accompany being a business owner. The risks can be significant, and so can the costs associated with those risks. Not only are you insuring the risks of your business,..

If you start to notice a trend where your overhead costs are starting to take bigger and bigger portions of your revenue, it might be time to re-evaluate your spending habits. So, how do you start? The best first step to take is to review everything. Reviewing your most current list of overhead costs and selecting items that are no longer..

What is the Earned Income Tax Credit?

While another tax season has now passed, it is never too early to start planning for next year's taxes. In particular, as a small business owner, you will want to make sure that you take advantage of all of the tax deductions available to small business owners for business expenses. While the IRS offers a fairlyin-depth guideon deducting..

Whether you are running a small, medium or large business, liability insurance policies are a necessity. There are specific types of liability policies which are designed to protect your business, as well as you personally. In general, most businesses should be reviewing the two most common types of liability policies, professional and general, to..

Are you thinking about filing your own tax return this year? Although it's true you will initially save money by doing them yourself, it may cost you more in the long run than if you had hired a tax professional in the beginning. If your taxes are inaccurate or incomplete, it will take the Internal Revenue Service longer to process your return..