You may have seen some information in the news about the draft tax reform legislation that was released recently – both by the House and by the Senates. These proposed bills have many differences. Here is a simplified breakdown of the main differences between the two. House Version Senate Version Individual Tax Rates Four [...]
It is almost the end of the year. Many small business owners are starting to think about their budgets and goals for next year, but have you thought about the things you can still do this year to reduce your tax bill? You can get significant tax savings with proper planning. Below is a list [...]
Small business owners need to wear a lot of hats, but one of the most important things owners can do is keep their finances in order. Bookkeeping is a necessary task for all businesses, though it may seem tedious. Here are some tips to keep your finances straight. Use software that fits your needs. It can [...]
Future Tax Rates Deciding between a Traditional or Roth IRA depends, basically, on how you think your income – and by extension, your income tax bracket – will compare to your current situation. In effect, you’re trying to determine whether the tax rate you pay on your Roth IRA contributions today will be greater or [...]
You’ve probably heard of these different account types, but perhaps you never nailed down the key differences. So first, let’s touch on the basics of these two IRA’s (Individual Retirement Accounts) and then we’ll get into the finer details and tax incentives. Income Limits If you are under 70½ years of age, you can [...]
Each year, the Internal Revenue Service issues a list of the top 12 tax-related scams it sees throughout the year. The IRS “Dirty Dozen” highlights various schemes that taxpayers may encounter anytime, many of which peak during tax-filing season. Taxpayers need to guard themselves against these ploys. JM Short CPA is a local accounting [...]
