March 16, 2018
Understanding the Different Types of Business Entities

Before starting a new business, it is important to understand exactly what type of business entity you are going to establish. Each type of business entity has specific methods of reporting business activity to the IRS, so it's important that you know which methods apply to you. So here is a quick breakdown of Sole Proprietorships, C Corporations and S Corporations, Partnerships, and LLCs.

March 15, 2018
How the 2018 Tax Cut Law Changed 529 Plans

Congress enacted the 529 savings tax exemptions back in 1996. The plans are named after section 529 of the IRS Code.Our November 2017 blog talked about the tax advantages of a college 529 savings plan. Originally designed as an incentive to save for college expenses, the plan provides both federal and state tax incentives.

March 09, 2018
Can You Deduct the Cost of Your Work Clothing?

"Can I deduct this on my taxes?" is a common question this time of year. Itemizing your deductions can be tricky and time consuming, especially when you have a lot of business-related expenses, but it can save you money in the long run if you do it correctly.

March 09, 2018
What You Should Know to Write Off Education Expenses

Reduce your tax bill with education deductions

The IRS defines "qualified education expenses" as "amounts paid for tuition, fees and other related expenses for an eligible student.

March 08, 2018
Should you File Taxes Now or File an Extension?

It's tax season again and you're facing the same question you face every year: should you file your taxes now or file an extension? A common misunderstanding about tax return extensions is that it will give you longer to pay what you owe - this is not true; filing an extension simply gives you more time to file, not more time to pay. You still need to estimate your taxes and pay them when you file your Form 4868; not paying or paying late will cost you in penalties and fees.