by Paula Kennedy, EA | Aug 22, 2017 | Tax
In the quest to reduce your tax bill, year end planning can only go so far. Tax saving strategies take time to implement, so review your options now. These 3 tax saving strategies for mid-year can be very effective: 1. Consider your bracket The top income tax rate is...
by Paula Kennedy, EA | Aug 22, 2017 | Tax
Do you own a vacation home that you rent out and use personally? Make sure you understand the potential tax consequences of vacation homes: If you rent it out for less than 15 days: You don’t have to report the income. But expenses associated with the rental (such as...
by Paula Kennedy, EA | Aug 21, 2017 | Tax
The IRA’s value as a retirement planning tool is well known: IRA assets compound on a tax-deferred (or, in the case of a Roth IRA, tax-free) basis, which can help build a more substantial nest egg. But if you don’t need an IRA to fund your retirement, you can use it...
by Paula Kennedy, EA | Jul 7, 2017 | Tax
You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next year. Summer is also a good time to set up a...
by Paula Kennedy, EA | Jun 12, 2017 | Tax
Mortgage interest rates are still at low levels, but they likely will increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that...
