paper calendar pages flipping

‘Tis the Season to Give – 6 Tips on Deducting Charitable Donations

As we move into the end of 2015, many folks are looking at making their final charitable donations for the year. Here are a few tax related tips: 1. The IRS requires written documentation for donations of ANY amount – keep your credit card statements, check copies or electronic transfer confirmations. The documentation should show the name of the charity,…

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Is Your Business at Risk from the New EMV Credit Cards?

If your business isn’t EMV card ready, you may be opening your business up to serious financial risk. The new EMV chip technology for credit cards is being rolled out across the country. All credit card issuers are gradually replacing existing credit cards with new ones using EMV technology. What is an EMV Card? EMV enabled cards (also known as…

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Accept Credit Cards? Learn How EMV will Impact your Business.

EMV is a credit card technology upgrade that helps to prevent fraudulent transactions. That’s good news for both credit card holders and credit card issuers. For business owners, it’s a new tech requirement that will take time and money to address. What is EMV? Credit cards enabled with EMV chips are a form of “smart cards.” EMV chips are embedded…

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photo of student loan application

The Great Student Loan Lie

While we’re talking about the many problems caused by student loan debt and how to address it, I think we need to start at the beginning and address a basic falsehood. Student Loans are not financial aid. They are debt, plain and simple. Let’s Play “Let’s Pretend” Colleges, banks and the government may all collude to dress loans up as…

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The IRS Goes Mobile

You know it’s a mobile world when even the IRS has an APP. Feeling like you want to be closer to the IRS? If you still feel the same way after you lie down for a while, IRS2GO is for you. Seriously, though, IRS2Go is a free app for Android & iPhone that is available through iTunes & Google Play…

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It’s Tax Day. Owe Money? Make Your Payment Directly on the IRS Website.

None of us like to find out we’ve come up short on our withholding or estimated taxes. That news delivered by your accountant or tax software can really ruin your day. But if you have to send money to the IRS, you can pay up easily on the IRS website using Direct Pay. And if you use the Direct Pay…

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Can’t get your taxes together by April 15th? File for an extension.

You can apply for an automatic extension for filing your 2014 personal federal income taxes (Form 1040) by filling out Form 4868. It’s simple & the 6 month extension is automatic. Here’s the big caveat, though. It is only an extension of time to file your tax return, NOT an extension of time to pay your taxes.  This is an…

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Still Need to File Your 2014 taxes? File for Free on the IRS Website.

It’s the last weekend before the tax filing deadline and stress is running pretty high for many of us. If your income is $60,000 or less, make it a little easier on yourself by using the IRS FreeFile website to file your federal 1040 return. You’ll have a choice of online software programs provided by most of the major tax…

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Paying for College Tuition? Don’t Miss Out on These Tax Credits

Putting yourself or kids through college is very expensive, so don’t miss out on these 2 education tax credits if you’re eligible. Tax credits reduce your taxes dollar for dollar, so they can take some of the bite out of your 2014 tax bill. The credits are available for you, your spouse or claimed dependents. But you can’t take both…

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Do you Barter for services with other businesses? It may be taxable income.

Many small business owners barter services or products with other businesses. It can be an effective economic “swap” without impacting cash flow. But the transaction may have a taxable consequence. IRS regulations require both parties to the barter to acknowledge the fair market value of the exchange.  Surprised? Most people are. These tax rules have been in place for a…

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