Health Savings Accounts-Are they really that beneficial?

What are Health Savings Accounts (HSA) and how can they benefit you and your tax situation in the future? You may have heard of a 401(k) plan and other individual savings and retirement accounts. HSAs are similar in tax benefits but not as well-known. An HSA is a tax-advantaged medical savings account. You Qualify For An HAS If… You are enrolled in a high deductible health plan. You do not qualify for any health coverage exemptions. You are not enrolled in Medicare. [...]

Top 7 Reasons Start-Ups Fail

We help lots of new companies get their start in the business world. However, start-ups tend to struggle greatly in the first five years. In fact, 51% of businesses fail in the first 5 years. We've compiled a list of the top 7 reasons that we believe cause start-up companies to fail. 7. Failure to Pivot Often entrepreneurs get caught up in their ideas and they refuse to change or pivot when things go awry. Being able to change and adapt [...]

The Lifetime Learning Credit

What is the Lifetime Learning Credit? The Lifetime Learning Credit (not to be confused with the American Opportunity Tax Credit) is a credit that qualified students (or parents of students if they claim the student as a dependent) can take while the student is enrolled in classes for an undergraduate, graduate, professional degree courses, and courses taken to gain or improve job skills. You can claim up to $2,000 in credits per student (20% of the first $10,000 of education [...]

The American Opportunity Tax Credit

What is the AOTC? The American Opportunity Tax Credit is a tax credit that can be taken by college students or parents of college students if they claim the student as a dependent. You can claim up to $2500 in credits per student (100% of the first $2,000 of education expenses, 25% of the second $2,000). Some of the expenses that qualify include tuition, fees, and course materials.  The credit is first applied to any taxes owed and may reduce [...]

Vacations-Can You Write Them Off?

Here's a little snippet of what you can and can't do. As a small business owner, you may find it hard to break away. There always seems to be so much to do! However, small business owners have an advantage when it comes to deducting business trip expenses. It Has to be About Business While you may get some much needed rest when you're on your trip, the primary purpose needs to be about business. Set up your appointments in advance and [...]

Hobby Vs. Business

And How if Effects your Taxes If you are one of the many who has geared your talents towards an activity that takes extensive time and effort, then sometimes you will sell the products of your dedicated time. Does this mean that you are running a small business? No, this is still considered a hobby. The intention is not to make money, but for personal enjoyment. You spent a lot of time creating something, because you genuinely enjoy it, not because [...]

Obtaining a Past Tax Return

We often struggle to be organized at all times, and many of us can be prone to losing important documents. However, it is always a good idea to have copies of your past year returns. If you are in the middle of negotiating with the IRS, or you suspect that a previous tax return was wrong and you need/want to amend that return, these tax returns will be necessary. Here's how to get a copy or transcript for any [...]

tax day

Missed the April 15th Deadline

Like most of the world you have been bogged down by life, meaning the tax deadline could have completely slipped your mind. We are here to tell you that it is okay. There is no reason to have a meltdown over missing the April deadline, because you are not alone. If you truly don't want to face the IRS alone, we invite and encourage you to get the help of a tax professional. Can't Pay Now? If you filed [...]

Facts you need to know about your 2018 tax return

An Inside Look at Tax Reform... Last year simple tax returns were only 2 pages of content, had a higher tax bracket, and federal refund amounts were larger than those filed this current tax season. The thought of getting a smaller refund upsets many, but the truth is that the smaller refunds are an indication of a better tax system. This is because of all the different tax changes made under the Tax Cuts and Jobs Act. Some of the [...]

Get Your Tax Refund in 2019…Fast

Now that the IRS is open to file tax returns, most of us want the fastest and most accurate response possible. Below is some personal advice on how to achieve a quick, uncomplicated tax return this season. Some Guidance to Getting Your 2019 Tax Refund Don't file before you receive your W-2's, 1099's, 1098's, 1095's or other required information. These important tax documents should have been distributed to you from any employee by January 31st. But file before April, because [...]