Starting a new business can seem overwhelming for new entrepreneurs or even seasoned professionals. The IRS has resources to help new business owners understand the tax responsibilities of running a business. Here are a few things any entrepreneur needs to do when starting their business. Choose a business structure The form of business determines which income tax return a…

My office will close on October 11 and will reopen on January 2. If you need taxes done, please contact me as soon as possible. The IRS closes for electronic filing on November 18 and will reopen January 22. If you have any concerns during my closure, I will be available to answer questions by…

Just because a taxpayer filed a tax return doesn’t mean they should forget taxes until next year. What a taxpayer does now may affect the tax they owe or the refund they may receive next year. Here are some simple year-round tax planning pointers for all taxpayers. Organize tax records. Create a system that keeps…

Energy Efficient Home Improvement Credit These expenses may qualify if they meet requirements detailed on energy.gov: Exterior doors, windows, skylights and insulation materials Central air conditioners, water heaters, furnaces, boilers and heat pumps Biomass stoves and boilers Home energy audits The amount of the credit you can take is a percentage of the total improvement expenses…

Credit cards are convenient, sure. But that’s not the only reason to go mostly cash-free. When it comes to making everyday purchases, cash may not be king anymore. Credit cards have become an essential part of many people’s daily financial lives. When used responsibly, a trusty credit card offers a convenient and secure way to…

Identity Protection PINs stop identity thieves from filing fraudulent tax returns. Taxpayers who participate in this program are assigned a six-digit number that they use to prove their identity when they file their federal tax return. The IRS’s Identity Protection PIN is an added layer of security for taxpayers. In the recent past, the Electronic…

The IRS (without announcing officially) has been sending penalty letters to taxpayers who are self-employed for not paying enough in estimated taxes. I thought payment of estimated was voluntary. If you are not a W-2 employee, it appears taxpayers are now required to make estimated payments. The target dates are April 15, June 15, September…

Key points The nice thing about HSAs is that you can carry your funds forward and reserve that money for retirement. If you don’t have any activity in your HSA for quite some time, you could risk losing it. If you make it a point to contribute to your HSA every year or make changes…

People should put together an emergency preparedness plan for their household – and include copies of their vital records and financial information. By creating an emergency preparedness plan and updating it annually, people will be able to start the recovery process faster if they’re affected by a disaster or other emergency. Here are some things…

Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits. They should know what these credits can do for them – and be careful of exaggerated claims companies trying to get their business may make. There are two tax credits…