Category Archives: Tax Tips

If you’ve been lucky enough to lock in one of the historically low mortgage rates through refinancing, you should know some of the refinancing costs are tax deductible.

You haven’t received cancelled checks with your monthly bank statement since 2004, so how do you prove an expense to the IRS?

Although you may withdraw money from an IRA at any time, these funds are intended for retirement. To encourage you not to touch this money until you retire, the IRS imposes penalties for early withdrawals.

Generally, club dues are not a deductible expense, but depending on the circumstances, a business meal at the club might be.

Even in death, you cannot escape taxes. Even after you have passed, your surviving spouse or estate need to file your final personal tax return.

Keeping records and receipts for home improvements is essential as it lowers your tax basis in your home. This is most important when calculating the gain when eventually selling your home.

If you have a business, you are likely not an expert at all facets of running your business. A consultant can be hired to lead you in areas that are not your expertise.

Consulting can help a business by examining existing problems, developing solutions and identifying best practices. Consulting can also be targeted to one segment of the business like taxes or information technology.

Withholding money from your paycheck is part of our “pay as you go” system for paying income tax. Generally you want to withhold enough to cover 90% of your tax liability.