Tax & Financial News

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    Important Tax Deadlines

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    The 2016 individual 4th quarter estimated Federal tax payment is due January 15, 2018, for the remainder of the year. For the upcoming tax season (April 17, 2018) we will be sending out our engagement letters in December via email. Please be sure to return …

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    Tax planning Topics for 2017

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    As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. In many cases, this will involve the time-honored approach of deferring income until next …

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    IRA Planning Mistakes

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    The following are potential planning mistakes regarding IRA’s.  These may or may not apply to your situation, so please consult your accountant or financial advisor to discuss these items in more detail. Not taking advantage of the Stretch distribution option or not establishing it properly  …

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    Differences Between Hobby or Business

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    Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. The differences are: Businesses Entered Into for Profit – For businesses entered into for profit, the profits …

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    How to Take Advantage of Tax Free Gifting

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    If you are fortunate enough to have a large estate – one large enough to be subject to the estate tax upon your death – you might be considering ways to give away some of your wealth to your family and loved ones now, thereby …

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    Military Personnel Tax Breaks

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    Military service members have special obligations and take risks while performing their service to our country, which impact their tax situation. As a result, they are entitled to a number of special tax breaks. The following are the predominant tax breaks available to military personnel: …

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    Non-Profit News

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    We would like to inform you of some important topics applicable to not-for-profit organizations. First, we remind you of state registration requirements if your organization solicits donations: Charitable Solicitation Registration and Compliance – Charitable solicitation is regulated at the state-level. Virginia requires charitable solicitation registration …

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    IMPORTANT! Mail Scam Targets Taxpayers

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    Crooks have tried all sorts of e-mails scams, but almost everyone has figured out that the IRS does not send out notices by e-mail or email attachments. So crooks have changed their tactics. Now, there are reports of taxpayers receiving by mail and email fake …

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    Roth IRAs for High Income Taxpayers

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    If you are a high-income taxpayer and would like to contribute to a Roth IRA but cannot because of income limitations, there is a work-around that will allow you to fund a Roth IRA. The income limitations can be circumvented by what is frequently referred …

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    Are you required to file 1099’s?

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    If you use independent contractors in your business and pay them $600 or more during the calendar year, you are required to issue them a 1099-MISC by January 31 of the following year. If you fail to do so and your income tax return is …

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