Many of the changes can affect the bottom line for the business as well as you as the business owner — some in a good way and some in a bad way. 1. The taxable income of a C corporation is now taxed at a flat 21% rate. Previously, the tax rates generally ranged from 15%…
Welcome to 2019 and a delayed provision of the tax reform, also known as the Tax Cuts and Jobs Act (TCJA). For divorce agreements entered into after December 31, 2018, or pre-existing agreements that are modified after that date to expressly provide that alimony received is not included in the recipient’s income, alimony will no…
Senior Associate Jarrett McKenzie, CFP®, CWS®, and Associate Peter Lynch join Chief Investment Officer Troy Harmon, CFA, CVA, to discuss how the accounts you use to save for retirement make a difference, and that tax diversification is something to consider.
Tax time is just around the corner, and if you are like most taxpayers, you are finding yourself with the ominous chore of pulling together the records for your tax appointment. The difficultly of this task depends upon how well you maintained your tax records throughout the year. No matter how good your record keeping…
In today’s Marietta Daily Journal, Bil Lako, CFP®, explains that tax “audit triggers” are just actions that occur in your everyday life and in the course of doing business. Read the Article This article is for demonstrative and academic purposes and is meant to provide valuable background information on particular investments, NOT a recommendation to buy.…
Entrepreneurs often shrug off the idea of obtaining an employer identification number, or EIN, believing that their small business really doesn’t need one. Though there are some cases where a solo business can get away with merely utilizing the business owner’s Social Security Number, doing so is not necessarily the best idea, even if you…
You may be able to deduct up to $2,500 each year from your gross income if you’ve paid interest on a qualified education loan for qualified higher education expenses during the year. To be eligible for the deduction, your modified adjusted gross income (MAGI) must fall below a threshold figure. For 2019, the deduction begins…
Gambling takes many forms: casino games, horse racing, sports book betting, lotto tickets, scratchers, bingo, etc. For virtually everyone, gambling is a recreational activity and, as such, is done for fun. For most gamblers, their losses for the year will exceed their winnings, and since losses in excess of winnings are not deductible, most gamblers…
Certified Public Accountant Jessie Thomas covers some of the common questions when it comes to paying your taxes. Jessie also provides some last‐minute tips for the upcoming tax season in this video, part of the Henssler Money Wise Series.
While tax scams are especially prevalent during tax season, they can take place any time during the year. As a result, it’s in your best interest to always be vigilant so you don’t end up becoming the victim of a fraudulent tax scheme. Here are some of the more common scams to watch out for.…
