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Home sales: How to determine your “basis”

Home sales: How to determine your “basis”

by Donald Bicking Jr. CPA, CTC | Apr 16, 2021 | Individual

The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage...
Simple retirement savings options for your small business

Simple retirement savings options for your small business

by Diogo P. Azevedo | Apr 15, 2021 | Benefits, Small Business

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee...
How to ensure life insurance isn’t part of your taxable estate

How to ensure life insurance isn’t part of your taxable estate

by Diogo P. Azevedo | Apr 14, 2021 | Uncategorized

If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to federal estate tax. Current exemption amounts For 2021, the federal...
Tax advantages of hiring your child at your small business

Tax advantages of hiring your child at your small business

by Donald Bicking Jr. CPA, CTC | Apr 9, 2021 | Small Business

As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations.  Shifting business earnings You can turn some of your high-taxed income into tax-free or low-taxed...

Who qualifies for “head of household” tax filing status?

by Jimmy Campoverde | Apr 8, 2021 | Uncategorized

When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as a head of household, which is more favorable...
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