Financial Planning Insights

Tax deductions and tax credits are two items that can lower your taxes in a big way. They sound similar, and to the uninformed may be confused as synonyms. They are not.

Times have changed, and taxes have too. In a world where wearing a mask is common and, frequently, mandated, we can all see the differences COVID-19 has made. From closing businesses to skyrocketing unemployment numbers to new CDC guidelines for just about everything—Americans are learning to adjust and regroup. The new CARES Act is providing..

Having a small business means you are often too busy to think about your next tax return. However, it is imperative that you work all year round to be prepared when tax time comes and ensure your business accounting is updated and accurate. Otherwise, you will find yourself scrambling to figure out all of your expenses and may end up paying more..

Buying real estate for investment reasons can be a lucrative business. However, it is vital to make certain your accounting is in order and taxes are paid accordingly. Understanding the income and expense requirements the IRS dictates will protect you from paying unnecessary taxes or making a costly mistake on your tax return. A tax return with..

It's that time of year - tax time! A major component of proper and timely filing of your small business tax return is getting organized. Many small business owners are not ready when tax time rolls around and a tax preparation checklist can assist with knowing where to start.

Owning a small business has its rewards but the details can become time-consuming and cumbersome. Understanding all of the rules of financial reporting is a daunting task that can be costly if mistakes are made. However, the good news is that using best practices to record your financial accounting can help you grow and improve your business...

With all of the new tax laws, many people are wondering if the student loan tax deduction has been taken away with the new Tax Cuts and Jobs Act. The exclusion was included in the original version of the law changes but, fortunately, was later removed. Student loan interest deductions come directly off of your adjusted gross income, thus lowering..

2019 is about to come to a close and it's about time to start thinking about tax preparation. With all of the recent tax changes, it might be an ideal time to think about how to maximize your tax refund. Physicians, in particular, as high-paid earners, will want to be aware of the best ways to lower adjusted gross income, find tax credits, and..

US citizens or resident aliens living abroad are subject to paying federal income taxes. The IRS automatically grants a two-month extension to file tax returns, but any taxes due must be paid by April 15 to avoid penalties and interest. In this guide to foreign income tax we discuss the Foreign Earned Income Exclusion in depth and how you can..