Tax Tips

The Season of Gains and Losses

In a few short weeks the tax filing season will begin, and I will start meeting with clients reviewing their income and expenses, discussing the financial gains and losses they’ve experienced over the year. The tax returns we file present a snapshot of our financial year. Did your income go up or down? Did you

President’s Budget Proposal

Sailynn Doyle Franchise Owner, Home Instead Senior Care (business partner) “Sherri and I network together at multiple local functions. She presents an extremely professional image and has great tips that she always shares. She is patient and extrememly knowledgeable.” October 12, 2012   Paul Tetrault President, Tetrault Insurance Agency Inc. (business partner) “Sherri is alaways

October 15th Extension Deadline Approaching

Every once in a while I find myself having second thoughts about an opinion I’ve formed. Such is the case with reverse mortgages.  Reverse mortgages are making a rebound, and there are some good reasons for this.  In the past many Americans took advantage of reverse mortgages quickly drawing large amounts and later falling into

The Rebound of Reverse Mortgages

Trust fund penalty Employers can be held personally liable Responsible persons of a corporation or limited liability firm can be held personally liable Factors used in determining a liable responsible person The term “trust fund recovery penalty” refers to a tax penalty assessed against the directors or officers of a business entity that failed to

Beware of Trust Fund Penalties

Article Highlights: Taxpayers Receiving Bogus Call from Individuals Claiming To Be IRS Agents. Guidelines to Avoid Being a Victim of a Scam or ID Theft. Limit Accounts to Avoid ID Theft Exposure. We have previously cautioned you not to be duped by Internet and mail scams dreamed up by some pretty enterprising thieves. Most of

Scammers Getting More Brazen

All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them. Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take

Mid-Year Tax Planning Checklist

All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them. Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take

Bartering Is Taxable Income

Article Highlights: Premium assistance credit based on actual family income and size. Overestimated assistance may have to be paid back. How family size is determined. How family income is determined. If you are signed up for health insurance through a health insurance marketplace, you may have qualified for the premium assistance tax credit. This credit

Changes in Circumstances Can Affect Your Premium Assistance Credit

Article Highlights: President’s proposed gift and estate tax changes for 2018. The annual gift tax exclusion is $14, 000 per recipient during the year. Estate and gift tax limit would revert to 2009 levels. If you are fortunate enough financially to be able to make significant gifts to family members and others, you may want

President Proposes Reinstating Gift Limits

Article Highlights: President’s proposed gift and estate tax changes for 2018. The annual gift tax exclusion is $14, 000 per recipient during the year. Estate and gift tax limit would revert to 2009 levels. If you are fortunate enough financially to be able to make significant gifts to family members and others,   you may