Category Archives: Taxes

Individual Retirement Accounts: Traditional & Roth

In this series of four, we will look at various tax advantageous retirement and savings vehicles and their maximum contribution amounts for 2020. We hope that you check on your progress towards maxing it out. Let’s start with the well-known … Continue reading

Posted in Individual Taxes, Retirement Planning | 3 Comments

Year-end To-do List.

Here’s a what to do before December 31st checklist to help you prepare for upcoming tax return preparation. REINFORCING THE BASICS. Keep in mind that the standard deduction is still increased resulting from the 2017 TCJA; therefore, you may or … Continue reading

Posted in Accounting, Business Taxes, Individual Taxes, Taxes | Tagged , , | 63 Comments

Hitting Those Year-end Numbers-Business Taxpayers.

If you’re thinking 2019 profit has resulted in a bit more taxable income than you would like here are a few things you can do to do a bit of business tax planning. You can also call Carol and make an … Continue reading

Posted in Business Taxes, Christmas, IRS, Tax Planning, TCJA | Tagged , , , , , , | 4 Comments

Hitting Those Year-end Numbers-Individual Taxpayers.

It’s probably about time to start thinking about the 2019 income tax return especially if you want to do a bit of 1040 planning. You can also call Carol and make an appointment. She’d love to see you. And it … Continue reading

Posted in Individual Taxes, Tax Planning, Taxes | Tagged , , , , , , , , | 5 Comments

Step by Step – The 2020 W-4

Updated 12/17/19. The Tax Cuts and Jobs Act, enacted in late December of 2017, wreaked havoc on Form W-4, Employee’s Withholding Allowance Certificate. The TCJA radically changed employee withholding by doubling the standard deduction, modifying tax rates and tax brackets, … Continue reading

Posted in General Interest, Individual Taxes | Tagged , , | 57 Comments

Getting Schooled – Maximizing Education Tax Credits

Pay tuition. Get tax credits. $2,500 here; $2,000 there. Education credits are seemingly straightforward but are they as straightforward as they seem? Not really and not always. Shameless plug. We just make it look straightforward. REINFORCING THE BASICS. The American … Continue reading

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Getting Paid to Reduce Your Carbon Footprint – Residential Energy Credits.

Getting Paid to Reduce Your Carbon Footprint – Residential Energy Credits. REINFORCING THE BASICS! Nuclear, bad. Fossil fuels, bad. Big carbon footprints, bad.  Our government encourages renewable or sustainable energy as a means for energy security, job creation, climate control, … Continue reading

Posted in Individual Taxes, Taxes | Tagged , , , , | 20 Comments

Getting To That 20%

Perhaps the biggest change to your business and individual taxes is the Section 199A, Qualified Business Income Deduction (QBID). Your complimentary trip down Memory Lane (aka link to a Carol McAtee archived blog) –  TCJA and What in the World … Continue reading

Posted in Business Taxes, Section 199 A, Taxes, TCJA | Tagged , , , | 45 Comments

Make That Kid Work For You. Part 2 of 2. No Kidding, The Kiddie Tax

Last week we broke the news that according to the Department of Agriculture, with middle-class income of $59,200-$107,000, it is going to cost you a whopping $233,610! to raise that kid until the age of 17. Families with lower incomes … Continue reading

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Make That Kid Work For You. Part 1of 2. Get Credit Where Credit’s Due.

HERE’S WHAT’S UP! With middle-class income of $59,200-$107,000, it is going to cost you a whopping $233,610! to raise that kid until the age of 17, says the Department of Agriculture. Families with lower incomes are expected to spend $174,690, … Continue reading

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