Articles

Don’t take the bait: Here’s how taxpayers can avoid getting caught by a phishing scam

Date28 Dec 2018

Data thieves don’t take a break during the holidays. In fact, the IRS warns taxpayers that the agency is seeing a large increase in bogus email schemes that seek to steal money or tax data. The most common way for cyber criminals to steal money, bank account information, passwords, credit...

At your own risk: The pitfalls of DIY estate planning

Date04 Dec 2018

There’s no law that says you can’t prepare your own estate plan. And with an abundance of online services that automate the creation of wills and other documents, it’s easy to do. But unless your estate is small and your plan is exceedingly simple, the pitfalls of do-it-yourself (DIY) estate...

Play your tax cards right with gambling wins and losses

Date24 Oct 2018

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income You must report 100% of your gambling winnings as taxable income....

Addressing long-term care costs with a tax-qualified LTC insurance policy

Date23 Oct 2018

No matter how diligently you prepare, your estate plan can quickly be derailed if you or a loved one requires long-term home health care or an extended stay at a nursing home or assisted living facility. The annual cost of long-term care (LTC) can reach as high as six figures,...

6 ways to get more value from an IT consultant

Date17 Oct 2018

IT consultants are many things — experts in their field, champions of the workaround and, generally, the “people persons” of the tech field. But they’re not magicians who, with the wave of a smartphone, can solve any dilemma you throw at them. Here are six ways to get more value...

Choosing the right accounting method for tax purposes

Date19 Sep 2018

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent...