tax-exempt-income

Tax Exempt Income May Still Result in You Paying Taxes

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Uncertain when tax exempt income may be taxable? Many people are confused when it comes to tax exempt income. Tax exemption means the income is excluded from being taxed. Because municipal bonds are one of the few ways that individuals can…
health-savings-account

Using a Health Savings Account for Long-Range Tax Savings

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  Health Savings Accounts: you are eligible if you are covered by a high-deductible health plan. Using a Health Savings Account can help you gain a significant tax advantage over the year rather than to just simply cover your current…
charity-deductions

Not Taking Charity Deductions? Uncle Sam Thanks You

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Charity deductions: most people make charitable donations from their heart and are not concerned about the tax deduction, but, if you don’t take the tax deduction, then who gets that extra money? Uncle Sam. Every year I hear clients say, “But…

Should You Prepare Your Own Taxes?

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When I was growing up, right after the beginning of the New Year, while we kids were still excited to play with our new toys, my Dad would spend a Sunday afternoon laboring through preparing taxes for our family. It seemed like lots of paper…

Frustrated That You Can't Itemize Your Taxes Anymore?

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I see this every year, clients who keep careful track of every itemized expense, things such as real estate property taxes, state and local taxes (like Ohio and RITA), mortgage interest, charitable donations, tax prep fees and investment expenses. However…

New Year, New IRS Rules and Regulations

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It wouldn’t be a new year if there weren’t changes put forth by the IRS. Now that tax season is in full swing, its time to take a closer look at what changes may affect you. With every change of the calendar year, the Internal Revenue Service…

Wills, Trusts, Powers of Attorney and Beneficiaries

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Each year during tax season, most folks scramble to gather records on income and expenses. Of course, we all know that with just a little pre-planning it doesn’t have to be that way. Why not take time now to review your will, trust, powers…

Will We Ever Have Tax Reform?

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Let’s try to put some things into perspective. Governments have always needed revenues. So we pay taxes, and in the words of Supreme Court Justice Oliver Wendell Holmes, “taxes are what we pay for a civilized society.” Yet most of us discuss…

Get Ready for Online Sales Tax

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Don’t look now, but a new sales tax for online purchases is likely headed your way. Actually that’s not entirely accurate. Right now when you purchase items online, you’re already supposed to be keeping track of what you buy and paying…

Don't Wait to Take Advantage of Expiring 2012 Tax Laws

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Here we are almost halfway through 2012 and we still need to think about income taxes, both current and future items that are and will affect us. You may recall that The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation…