Entries by Mike

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December 2017 Individual Due Dates

December 1 – Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2017. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2017 should call for a tax planning consultation appointment. December […]

How to Save for a Child’s College Education

A frequently asked question is, “How might I save for a child’s college education?” The answer depends on how much the education is expected to cost and how much time is left until the child heads off to college or university. The amount of funds that will be required will depend upon whether your child […]

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Gambling – Income Tax Conundrum

Gambling is a recreational activity for many taxpayers, and as one might expect, the government gets a cut if you win. In fact, there are far more issues related to gambling than you might imagine, and they may be impacting your taxes more than you know. So here is a rundown on the many issues […]

Tax Cuts and Jobs Act – See How It Would Affect You – Individual

This is Part 1 of 2 in a series on the proposed Tax Cuts and Jobs Act. This part covers the provisions that apply to individual taxpayers. Part 2 covers the small-business provisions. The House of Representatives Way and Means Committee has finally released their version of the long-promised tax-reform legislation. This is the first […]

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Employee vs. Independent Contractor – Tips for Business Owners

If you are a small business owner, whether you hire people as independent contractors or employees will impact the amount of taxes you withhold from their paychecks as well as how much and what types of taxes you pay. Furthermore, it will affect how much additional cost your business must bear, what documents and information […]

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Not All Interest Is Deductible For Taxes

A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately, not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities. Interest […]