With the new tax bill in the works everyone’s been reaching out regarding how it’s going to affect them. Everyone’s situation is unique but we found this calculator to help ease your mind. Trump Tax Bill Calculator Below are some tips on how to fill out the calculator 1 ) AGI is line 37 of your […]
News
13
Feb
Home Office Deduction
Weather like today makes me value being able to work from home. Not having to leave the house in hazardous conditions is a plus but being able to take advantage of the home office deduction on my tax return is a bonus. If you use part of your home for business, you may be able […]
24
Jan
IRS Red Flags
Here are a few things that triggers the IRS to dig a little deeper into your returns: 1. Once you start to make over $200,000 Your audit risk goes from 1 in 100 to 1 out of every 27 returns. 2. IRS matches all W-2s 1099s so make sure you report this income. A mismatch […]
Taxes and Child Care
Here are some of the tax implications of hiring a nanny or sending your child to day care: 1) Day Care: You can claim the child-care tax credit if you pay for care for children younger than 13 while you work. You can count up to $3,000 in qualifying child-care expenses for one child, or […]
Baby’s Financial Future
What savings vehicles are best? Savings Account: Monthly deposits of $100 for 21 years with an interest rate of 0.48% compounded annually you would have a final savings balance of $26,506.42. This is clearly not outpacing inflation with its current average of 3.22% 529 Plan: Money put in grows tax deferred as long as it’s […]