Finance

The commonly known deadline for filing your personal income tax return with the IRS is April 15, however the IRS does permit a six-month extension of the deadline. An extension can be requested by filing a form with the IRS prior to the due date of April 15th, requesting additional time to file your federal [...]

If you employ household workers, which may include housekeepers, nannies, babysitters, gardeners, cooks, health care workers and other employees it is important to understand your tax obligations, commonly referred to as "nanny taxes." What types of workers are covered? Simply working in your home does not necessarily classify someone as a household employee. You are [...]

Have you changed jobs recently? If so, chances are you have a retirement account with your former employer and you now have an important financial decision to make regarding this account. Let’s explore your options: Keep your money in your former employer’s 401(k) plan If your account balance is at least $5,000 you have the [...]

If you are considering selling stock at a loss to offset gains that you have realized during the year, it is important not to run afoul of the "wash sale" rule. Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within a 30-day period [...]

Attention business owners- hiring your child as an employee this summer might be a smart tax strategy. In most cases, this results in tax savings to the business owner and little to no tax to the child. Some Rules: The child must legitimately be an employee of the business and perform the services. Your child [...]

Sending gifts to your customers is a smart move for several reasons: it reinforces your relationship, it can be used as a marketing tool, and it can get you a tax deduction. That said, don’t just give, ‘deduct’ the cost, and be done with it; here’s the rules to keep in mind this holiday season. [...]

The Coronavirus Aid, Relief and Economic Security (CARES) Act provides qualified retirement plan distribution relief for those who need to withdraw funds from certain retirement accounts. Waiver of the 10% Early Withdrawal Penalty Pursuant to the CARES Act, the 10% early withdrawal penalty is being waived for coronavirus-related retirement distributions, up to an aggregate total [...]