tax savings Archives - Page 2 of 2

8 11, 2010

Tax Planning Can Help You Save Money

By Gabrielle Luoma| 2010-11-08T14:14:35+00:00 November 8th, 2010|Blog, Our Services, Tax|1 Comment

All tax planning involves looking ahead to reach a specific goal. People are inclined to make careful plans when they consider making a home purchase, accepting a new job, taking a dream vacation, or investing for retirement. But when it comes to taxes, they often leave matters to chance, perhaps not realizing the tax savings that can result. THE GOAL OF TAX PLANNING IS TO SAVE YOU MONEY! Every taxpayer has the right AND the responsibility to lower his/her tax bill using a number of different legal methods. Tax planning is the tool that helps you evaluate your financial situation in light of current laws to make sure that you get the benefit of all deductions you’re entitled to.

15 09, 2010

Tax Increases Are Coming Unless Congress Takes Action

By Gabrielle Luoma| 2010-09-15T15:09:19+00:00 September 15th, 2010|Blog, Our Services, Tax|Comments Off on Tax Increases Are Coming Unless Congress Takes Action

Normally, one would think that Congress would have to take some action to increase taxes. However, it is quite the opposite for 2011. If Congress fails to take action, there will be a tax increase affecting just about everyone in every tax category. In order to skirt a Senate rule that requires 60 votes to pass a bill that increases the deficit beyond a ten-year window, Congress passed the Bush tax cuts in 2001 and 2003 with most provisions designed to sunset this year.

20 08, 2010

Tax Tips for Newlyweds

By Gabrielle Luoma| 2010-08-20T14:17:49+00:00 August 20th, 2010|Blog, Our Services, Tax|Comments Off on Tax Tips for Newlyweds

Getting married involves hundreds of details and decisions, from wedding planning to house hunting to joint checking accounts. Although taxes may not be high on your priority list, it’s important to consider how you will file your annual returns as newlyweds. With tax season less than a year away, it’s a great time to look at some of the changes you may need to make for the IRS. Here are some basic tips:

31 12, 2009

Energy-Saving Tax Credits

By Gabrielle Luoma| 2009-12-31T13:32:16+00:00 December 31st, 2009|Blog, Our Services, Tax|Comments Off on Energy-Saving Tax Credits

Going “green” has become all the rage lately, with more people embracing energy-saving tactics at home and at work. But Mother Earth isn’t the only one who stands to benefit from the emphasis on eco-friendliness—did you know that you can earn significant tax credits for energy-efficient improvements? Earlier this year, the American Recovery and Reinvestment Act (ARRA) outlined some new and expanded tax benefits for individuals and business owners who invest in energy-saving appliances, improvements, or alternate energy sources that result in reduced usage and conserved resources. Homeowners can earn a tax credit of up to 10% of the cost of solar energy systems, energy-efficient construction, or other alternate energy sources. This isn’t just a deduction of your income—it’s a full credit that is deducted directly from the amount of taxes you’re required to pay.

28 12, 2009

Correcting Mistakes on a Tax Return

By Gabrielle Luoma| 2009-12-28T11:38:27+00:00 December 28th, 2009|Blog, Our Services, Tax|Comments Off on Correcting Mistakes on a Tax Return

Believe it or not, we’re just a few short weeks away from the start of the 2009 tax filing season. One of the biggest taxpayer concerns—after “how much will my refund be?”—is the risk of making a mistake on a tax return. It can happen to even the most meticulous filer: after sending off your e-return to the IRS or dropping it in the mail, you notice an error. After the initial flurry of panic, you can relax—your return may technically be out of your hands, but it’s not set in stone just yet. The IRS has factored in a margin of error for busy taxpayers by providing the Form 1040X. The “X-file” allows you to specify what you reported on your original return, where the error was made, and what the correct figures are. You can even use the form to add or remove dependents or change your filing status. The IRS allows you to file an amendment up to three years after the original filing date. Below are a few CPA-recommended tips for filing the Form 1040X:

17 11, 2009

6 Overlooked Tax Breaks

By Gabrielle Luoma| 2009-11-17T22:51:28+00:00 November 17th, 2009|Blog, Our Services, Tax|Comments Off on 6 Overlooked Tax Breaks

Whether you run a big corporation, a small start-up, or a busy household, your main tax concern is likely minimizing the amount you have to pay and maximizing the return you receive at the end of the year. One of the best ways to accomplish this is enlisting the services of a Certified Tax Professional, who can clue you into potential tax benefits. Below are just some of the breaks that are often overlooked by those who file their own returns: Medical expenses: If your annual medical bills add up to over 7.5% of your income, they can be written off as a tax deduction. While you can’t count portions that were paid by an insurance policy, any non-covered costs are eligible, including associated expenses like insurance premiums and mileage to and from a treatment facility. Property taxes: As of 2008, married couples filing jointly can enter a standard deduction of up to $1,000 for real estate taxes, and single homeowners can deduct up to $500—even if they don’t have enough deductions to file an itemized return on a Schedule A.