By: Tim O’Pry | Chief Security Officer In an October 2018 speech, Apple CEO Tim Cook spoke on what he believes are the wonders and dangers of technology. A summary of that speech was detailed in this INC online article and the one statement they identified as among the more significant was: “Our own information,…
Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits are distributed across its shareholders’ individual tax returns on a pro rata basis. These distributions are not subject to self-employment (Social Security and Medicare)…
Typically, lenders require a down payment of 20% of the home’s purchase price. However, some special mortgage programs allow you to purchase a home with no down payment, such as Veterans Administration (VA) mortgages (if you are a qualified veteran) and no-down-payment or 100% financing mortgage programs. VA mortgage terms are generally favorable when compared…
The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number of taxpayers. Filing an amended tax return can be a hassle that you definitely…
Review Your Game Plan You haven’t saved enough for retirement…or college. Your credit card debt is spiraling. You’ve been blindsided by unexpected expenses. When your finances hit a rough patch, call a time out and review your game plan. Rethink your strategy to account for changes in your personal life, the economy, or market conditions.…
Bil Lako, CFP®, explains that when people care about a cause, they donate regardless of the potential tax benefit. But, people still ask about charitable tax deductions because they want to know how to make the most of their finances.
Very few people think that starting a new business is easy. But at the same time, there are few first-time entrepreneurs who realize just how involved things are from the moment you start trying to bring that idea that previously only existed in your head into the real world. There’s a massive amount of commitment…
Recently, as part of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018, Congress made several changes to credit rules that benefit consumers. Under the new law, consumers are now allowed to “freeze” and “unfreeze” their credit reports free of charge at all three of the major credit reporting bureaus, Equifax, Experian, and…
How long would it take you to determine: What your total expenses for this quarter are? Whether or not your business is profitable as of today? How much you’ve sold every month this year? Which invoices are overdue? If you’re using QuickBooks Online, you can get answers to all those questions—and more—in the time it…
The Affordable Care Act (Obamacare) included a “shared responsibility payment,” which in reality is a penalty for not having health insurance. Along with this penalty came a whole slew of exemptions from the penalty, including some that were designated as “hardship” exemptions. However, the hardship relief from the penalty required pre-approval from the government health…
