Tax Tips

Tax Tips
Emergency funds: Why they're worth it
Emergency funds can be a lifesaver. Do you have extra funds saved for unexpected times? If not, it’s time to consider how much you’ll need if you fall on hard times. (more…)
Why walking away from sunk costs is the best option?
Business owners and managers can let emotions dominate the decision-making process. Instead, move past sunk costs with grace and confidence knowing it’s the smartest business decision to make. (more…)
Time to go through your tax records? Consider this
You’re probably getting ready to go through last year’s records and prepare for this year. But what should you keep and what can you throw away? Here are some things to keep in mind as you sort through your records. (more…)
The new tax act means big changes for taxpayers
Big tax law changes mean even bigger opportunities for taxpayers. Take a look at some of the changes to come out of the Tax Cuts and Jobs Act and consider how they could affect you. (more…)
Be professional with your family member employees
If you’re considering hiring a family member, the best way to avoid problems is to keep it professional. That means hiring your relative because of their qualified skill set (not because they are struggling to find a job). Setting clear expectations and enforcing policies is crucial to your working relationship. Plus, it’ll show your non-family employees that everyone is being treated fairly. Nepotism isn’t very popular.
Considering converting your IRA?
You won’t be able to make contributions to a Roth IRA if your income goes above a certain level. However, you do have the option to convert a traditional IRA to a Roth IRA no matter how high your income. People often like Roth IRAs because qualifying distributions are tax-free and annual distributions are not required after age 70½. Make sure to consider that a conversion to a Roth is a taxable event as you do your 2018 planning. Let us know if you have questions.