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Telltale Signs of a IRS Scam

THE IRS (AND ITS AUTHORIZED PRIVATE COLLECTION AGENCIES) WILL NEVER: CALL TO DEMAND IMMEDIATE PAYMENT USING A SPECIFIC PAYMENT METHOD SUCH AS A PREPAID DEBIT CARD, GIFT CARD OR WIRE TRANSFER. THE IRS DOES NOT USE THESE METHODS FOR TAX PAYMENTS. GENERALLY, THE IRS WILL FIRST MAIL A BILL TO ANY TAXPAYER WHO OWES TAXES. ALL TAX PAYMENTS SHOULD ONLY BE MADE PAYABLE TO THE U.S. TREASURY AND CHECKS SHOULD NEVER BE MADE PAYABLE TO

October Tax Filing Deadlines

Just a reminder if you filed an extension for your 2019 tax return, time is almost up. The filing deadline to file your 2019 tax return is October 15th, 2019. There is no additional extension for your 2019 tax return. The deadline to establish a Simple IRA for self-employed or small businesses is October 1, 2019. If you are a current client or a new client, we must have all your tax documents in our

Avoid the Pitfalls of Selling Property to Family

Suppose you own property you intend to transfer to your loved ones. Perhaps you are considering giving your children an ownership interest in your principal residence. Before you act, you should review the tax consequences of your decision. Specifically, tax law includes several provisions involving sales to related parties. As you might imagine, this covers relatives like your children, grandchildren and siblings, but it also applies to business entities you own. Here are four common situations

A Smarter College Housing Option

Does your child, grandchild, or someone else you know need a place to live while attending college? Instead of renting a dorm or apartment, buying a condo or small house might make more sense. This can save money and provide tax breaks, but you need to do the math and be aware of the risks. The benefits of buying Lower monthly costs. The benefits can vary based on the location of the school and demand for

IRS ALERT: Two New Tax Scams

The IRS remains on the lookout for tax scams that can blindside unsuspecting taxpayers. Now two variations of past scams are currently making the rounds. Here’s what you need to know: The new scams The SSN hustle. This scam resembles another where callers impersonate IRS agents. In this version, the scammer claims to be able to suspend or cancel your Social Security number (SSN) because of some overdue taxes. Even if you don’t answer the call,

Please join us for our annual free Shred-A-Thon

Please join us for our annual free Shred-A-Thon. Shred away identity theft by safely disposing of your personal documents such as your check stubs, credit card offers, receipts or any other material that may contain your sensitive and personal data. Our shred-a-thon is a free event. Help us fill the truck! Our annual free Shred-A-Thon event is Saturday, September 14th from 8 am to 10 am or until the truck is full.  We will have

How to Maximize Deductions for Assisted Living

It’s possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Assisted living care is expensive and not fully reimbursable by typical health insurance policies. There is a medical expense itemized deduction when the out-of-pocket amount exceeds 10 percent of your adjusted gross income. Here’s what you can do to increase

Gusto Payroll/HR Services

Gusto is a company that provides a cloud-based payroll, benefits, and human resource management software for businesses. Gusto will handle payments to employees and contractors and every time you run payroll they will calculate your taxes and file them with the right government agencies. As part of the core payroll product, Gusto offers employee onboarding (work authorization forms, direct deposit forms, employee information aggregation). Separately, Gusto offers employee health insurance, dental insurance, and vision insurance

Don’t let a divorce be more taxing than necessary

If you’re going through a divorce, taxes may be the last thing on your mind. But divorce involves many potential tax traps and pitfalls. Here are some things to know. Alimony and child support. Through 2018, alimony is taxable income to the person who receives it and deductible by the person who pays it, as long as it meets certain specific tax requirements. Child support is neither taxable nor deductible. A divorce agreement should clearly spell

Qualified Charitable Deduction requirements

Take advantage of the Qualified Charitable Deduction (QCD) with your Required Minimum Distribution (RMD). The requirements for the Qualified Charitable deduction are as follows: The IRA owner must be at least age 70 ½ The maximum dollar amount is limited to $100,000 Only distributions from an individual IRA (including a rollover IRA) are eligible The distribution must go directly by check made specifically to a public charity. It cannot go to a private foundation, nor