by Kimberly Cosens | Jun 5, 2024 | Uncategorized
Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a tax-saving bonus. It involves taking out a reverse mortgage. Reverse mortgage basics With a reverse mortgage,...
by Kimberly Cosens | Mar 6, 2024 | Blog, Tax
Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your...
by Kimberly Cosens | Feb 15, 2024 | Business, Tax, Uncategorized
Businesses basically have two accounting methods to figure their taxable income: cash accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be...
by Kimberly Cosens | Feb 7, 2024 | Blog, Tax, Uncategorized
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing...
by Kimberly Cosens | Jan 12, 2024 | Blog, Business, Tax
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit fundamentals The FICA...
