Taxes

/Taxes

Taxes and death are inevitability, but that doesn’t mean you can’t prepare for both! Taxes effect you almost every day in the form of sales tax, every year in the form of income tax and even at death with the estate tax.

10 Smart Ways to Spend Your Tax Refund

Over 40 million people received a tax refund this year, with the average refund totaling over $3,000. It’s all too easy to let that check burn a hole in your pocket and blow it on unnecessary purchases. And car dealerships, electronics stores and retailers take advantage of this time of year and offer special sales to tempt you into their doors. But remember, this money isn’t a bonus.  How you spend your tax refund could have significant impacts on your financial future if you make a good habit out of it. It’s money you earned throughout the year; getting a refund just [...]

By | May 11th, 2016|Taxes|0 Comments

Business Deductions: Hire an Expert to Save you Money

Most entrepreneurs don’t get into business in order to give away money, yet each year there are thousands of business owners that do. How you ask? By taking on the challenge of managing their own finances and paying their own taxes. Though many entrepreneurs think it’s seemingly the best way to save money (not hiring an accountant), it can actually result in you flushing money down the drain each year. Uncle Sam certainly isn’t going to reach out to you and let you know, “Hey, I think this money belongs to you.” Therefore, you need to learn how to maximize your earnings [...]

By | April 23rd, 2016|Taxes|1 Comment

Tax-Deductible Items to Remember when Filing your Taxes Last Minute

With tax season upon us there are so many things to think of when filing your taxes.  Using a major company to file your taxes is great way to go if you are unfamiliar of all the deductibles out there and available to you.  If you are educated about the deductibles available, then you can use an at home filing software program.  I personally use an at home software program, then have a friend who is also good with money review my taxes and together we save each other money.  Over the past years I have had to adjust the amount of [...]

By | March 21st, 2016|Taxes|0 Comments

Preparing to Meet My Accountant

For the past 7 or 8 years I have used an accountant to prepare my taxes.  The reason I switched over from turbo tax or some other do it yourself method was because when I got married The Wife's taxes were a little bit more complicated.  Before I got married all I had was a small W-2 income and my student loan deductions...ah the easy days! Then I went ahead and got married, The Wife, was and still is, an independent sales representative (1099 income).  I figured for the cost of using a certified public accountant I would get the money back [...]

By | February 4th, 2016|Taxes|1 Comment

Received My New York State Family Tax Relief Credit Check

Nothing makes my heart drop like a piece of mail from either the IRS or New York State Department of Taxation and Finance.  While my income is not large by most people's standards I do own a couple of businesses so any type of notice from a taxing authority makes my head hurt even before I open it.  So while I was cursing under my breath I opened up the envelope to find not a bill but rather a check for $350!  Along the top of the notice it indicated that this check was for the "Family Tax Relief Credit." What is [...]

By | September 26th, 2014|Taxes|5 Comments