Donating to Charities? Do it RIGHT!
Donating to Charities? Do it RIGHT! Donating to charity not only helps others, it can reduce your tax bill — but only if the charity qualifies as a tax-exempt organization. Checking for qualified status If you plan on itemizing your deductions on your tax return, make sure the organization you’re donating to is designated […]
Understanding Tax Terms: AFRs
Understanding Tax Terms: AFRs Your grandson needs a car, but cannot afford the payments. As a favor, you provide the $25,000 to purchase the car. You tell your grandson to pay you back when he can, but there is no loan document. The IRS sees this payment during an audit and asks you where your […]
Missing a Form? Not an Excuse.
Missing a Form? Not an Excuse. If you don’t receive a W-2 or 1099, is this a defense to protect yourself from not reporting the income during an audit? In short, the answer is no. And new this year, you will only receive a 1099-NEC if your payments received from a customer or client total […]
Coping with Small Business Shortages and Delays
Coping with Small Business Shortages and Delays Supplier and delivery disruptions may not dominate the headlines the way they once did during the pandemic, but many small businesses still face delays, higher costs, and unexpected shortages. Taking time to review your suppliers, inventory practices, and backup plans can help your business stay prepared when the […]
Take Charge of Your Credit Card
Take Charge of Your Credit Card The average credit card balance in America continues to climb, reaching $6,730 in 2025 according to Experian – a 3.5% increase from the previous year. At the same time, credit card interest rates remain near historic highs, with the average APR hovering around 22%. Fortunately, with a little planning […]
Your Family’s Back-to-School Financial Checklist
Your Family’s Back-to-School Financial Checklist Back-to-school season is the perfect time to tackle financial tasks that can save money and keep your family better prepared throughout the school year. Here’s a checklist to help you get started. Photograph everything you buy. Before receipts disappear, photograph expensive purchases such as laptops, calculators, and musical instruments. Include […]
Mileage Deduction Gets Boost for Second Half of 2026
Mileage Deduction Gets Boost for Second Half of 2026 Just when many business owners thought they had the mileage rate memorized, the IRS changed it. Effective July 1, 2026, the standard business mileage rate increases, making this one of the rare years you’ll need to use two different rates when calculating your deduction. The new […]
Understand the Tax Details of Life Events
Understand the Tax Details of Life Events Most life events have tax consequences attached to them. Some of them, though are not obvious. Here are six situations to consider. Selling your home isn’t always tax-free. Most homeowners who sell their principle residence qualify to exclude up to $250,000 of gain, or $500,000 for married couples […]
2026 Health Savings Account Limits
2026 Health Savings Account Limits Contribution limits for the ever-popular health savings account (HSA) are outlined here for 2026. Now is a great time to review your contribution levels and make adjustments as appropriate while there is still plenty of time left for 2026. HSA defined An HSA is a tax-advantaged savings account whose funds […]
Hidden Back to School Tax Deductions
Hidden Back to School Tax Deductions Summer is coming to a close next month and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save: Watch for tax deductions on the supply list. Schools often send a list […]