top of page

The lastest news and advice for your business + personal financial needs.
Search


mconnolly54
Jul 3, 20192 min read
Is an HSA right for you?
To help defray health care costs, many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs). With...


mconnolly54
Jul 3, 20193 min read
Donating your vehicle to charity may not be a taxwise decision
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization...


mconnolly54
Jul 3, 20193 min read
Thinking about moving to another state in retirement? Don’t forget about taxes
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to...


mconnolly54
Jul 3, 20193 min read
The chances of IRS audit are down but you should still be prepared
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with...


mconnolly54
Jul 3, 20192 min read
It’s a good time to check your withholding and make changes, if necessary
Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten...


mconnolly54
Jul 3, 20192 min read
Selling your home? Consider these tax implications
Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full...


mconnolly54
Jul 3, 20192 min read
Check on your refund — and find out why the IRS might not send it
It’s that time of year when many people who filed their tax returns in April are checking their mail or bank accounts to see if their...


mconnolly54
Jul 3, 20192 min read
Plug in tax savings for electric vehicles
While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in...


mconnolly54
Jul 3, 20192 min read
Casualty loss deductions: You can claim one only for a federally declared disaster
Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act,...


mconnolly54
Jul 3, 20192 min read
Three questions you may have after you file your return
Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three...


mconnolly54
Jul 3, 20192 min read
Seniors: Medicare premiums could lower your tax bill
Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of...


mconnolly54
Jul 3, 20192 min read
Make a deductible IRA contribution for 2018. It’s not too late!
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA...


mconnolly54
Jul 3, 20192 min read
Still working after age 70½? You may not have to begin 401(k) withdrawals
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan...


mconnolly54
Jul 3, 20192 min read
Stretch your college student’s spending money with the dependent tax credit
If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn...


mconnolly54
Jul 3, 20192 min read
The 2018 gift tax return deadline is almost here
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re...


mconnolly54
Jul 3, 20192 min read
Vehicle-expense deduction ins and outs for individual taxpayers
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances....


mconnolly54
Jul 3, 20192 min read
Careful tax planning required for incentive stock options
Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to...


mconnolly54
Jul 3, 20192 min read
Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return
While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several...


mconnolly54
Jul 3, 20192 min read
3 big TCJA changes affecting 2018 individual tax returns and beyond
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax...


mconnolly54
Jul 3, 20192 min read
Why you shouldn’t wait to file your 2018 income tax return
The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15...
bottom of page