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Case Study: Are You Managing Your Personal Cashflow?

Client Sue and Richard are a newly married professional couple.  They have no children and earn a very decent income as corporate lawyers.  The mystery was they were living pay to pay.  Truth be told, they were behind!  They had acquired few assets other than a great car, substantial wardrobes and an eclectic wine collection. Problem Sue and Richard required assistance to manage their income and expenses so they could save to purchase a home within the new few years.  Their immediate need was to understand where their funds were going. Solution Their Accountant listened and reviewed the limited financial [...]

2017-10-11T12:27:11-07:00October 11th, 2017|General Consulting, Personal Tax|Comments Off on Case Study: Are You Managing Your Personal Cashflow?
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Simple Options to Improve your Personal Cashflow

It is very simple: To gain wealth, you must spend less than you earn. Being fiscally astute is not rocket science.  Let’s review simple options to help you turn your spending habits around and achieve a positive personal cash flow. Settle bills by the due date unless there is an incentive to pay early. Your money is better placed to work for you in an interest-bearing account. Pay off high-interest rate debt to free up money. This is your priority task.  Debt is not a given.  Break the cycle and pay off your debts.  Pay as much extra off the debt as [...]

2017-10-11T12:25:57-07:00October 11th, 2017|Personal Tax|Comments Off on Simple Options to Improve your Personal Cashflow
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Changes to Child Tax Credit – American Opportunity Tax Credit – Earned Income Tax Credit

Over the past few years, the use of refundable tax credits has increased.  Due to the significant potential - and actual - fraud, Congress has required the Internal Revenue Service to put into places certain measures to combat fraud, which costs the Federal Government over $10 billion dollars per year. For more information on reforming these tax credits, click here. Accelerated Form Filing Dates Worker payment reports (Forms W-2 and 1099) must be filed with the federal government by January 31.  The prior law required forms to be given to workers by January 31, but the filing copies were due at a [...]

2016-12-23T09:54:18-07:00December 23rd, 2016|Personal Tax|Comments Off on Changes to Child Tax Credit – American Opportunity Tax Credit – Earned Income Tax Credit
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Year-End Planning for 2016

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the planning challenge this year include turbulence in the stock market, overall economic uncertainty, and Congress's all too familiar failure to act on a number of important tax breaks that will expire at the end of 2016. Some of these expiring tax breaks will likely be extended, but perhaps not all, and as in the past, Congress may not decide the fate of these tax [...]

2016-12-06T22:26:34-07:00December 6th, 2016|Business Tax, Personal Tax|Comments Off on Year-End Planning for 2016
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Aaron’s Mailbag: Retirement Basics

From time to time, I receive e-mails from clients that include great questions!  I like to share these questions and my answers: Client: Aaron - [My wife] and I were talking to one of my uncles over Thanksgiving and he recommended that we invest in dividend stocks. Are we able to take the funds in our 401k's and IRAs and direct the funds into certain stocks? I know we briefly touched on this when we were in your office, but any advice/direction you have we would greatly appreciate! Aaron's Take: This is a great question. You don’t usually invest in [...]

2016-11-29T09:33:48-07:00November 29th, 2016|Personal Tax|Comments Off on Aaron’s Mailbag: Retirement Basics
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Five Things You Should Know in 2015 about the ACA

In recognition of the five-year anniversary of healthcare reform, here are five things you should know about some of the key ACA requirements for businesses in 2015: The shared responsibility provision of healthcare reform is effective either this year or next year, depending on how many employees you have. The employer mandate or “play or pay,” provision requires companies with at least 50 full-time equivalent employees to offer minimum essential healthcare coverage to their full-time employees and their dependents. Applicable large employers (ALEs) can choose to pay a substantial penalty if they don’t abide by the law. Companies with 100 [...]

2016-10-27T16:54:56-07:00July 24th, 2015|Business Tax, General Consulting, Personal Tax|Comments Off on Five Things You Should Know in 2015 about the ACA
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Forgot Something on Your Tax Return?

If you realize you forgot something on your tax return, you can amend that return after it has been filed. There are many reasons individuals need to amend their returns, whether it is for the just-filed 2014 return or prior year returns. Here are some key points when considering whether to file an amended federal (Form 1040X) or state income tax return. If you are amending for a refund, be aware that refunds generally won’t be paid for returns if the three-year statute of limitations from the filing due date has expired. Except for amending a return to carry back [...]

2016-10-27T16:54:56-07:00July 24th, 2015|Business Tax, Personal Tax|Comments Off on Forgot Something on Your Tax Return?
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Thoughts on the IRS Data Breach

The Internal Revenue Service (IRS) announced Tuesday that a brute force hacking attempt has compromised approximately 104,000 taxpayer accounts through the utilization of the “Get Transcript” tool located on IRS.gov.  Hackers utilized information gleaned from black market sources to answer identity verification questions and receive confidential information from the IRS system. The IRS reports that the system has been used 23 million times to provide taxpayers important information about their tax accounts as well as wage and earnings information.  “It is important to understand less than one half of one percent of successful requests were fraudulent,” said Aaron Blau, a [...]

2016-10-27T16:54:56-07:00May 27th, 2015|Personal Tax|Comments Off on Thoughts on the IRS Data Breach
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