Monthly Archives: August 2015

Should you incorporate your business?

One of the first decisions you face as a new business owner is whether or not to incorporate your business. The biggest advantage of incorporating is limitation of your liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are usually not at risk, although there… (more…)

Don’t overlook above-the-line deductions

Even if you don’t itemize deductions on your tax return, you may be entitled to certain “above-the-line” deductions. These deductions are subtracted from your income to arrive at your adjusted gross income, an important number because it determines your qualification for certain tax credits and various tax breaks. Above-the-line deductions include such things as IRA contributions, health savings account contributions,… (more…)

Midyear tax planning tip

Take time this summer to examine your investment portfolio for potential tax savings, such as selling stocks that are worth less than you paid to offset your capital gains. You might also donate appreciated stock that you have held for more than one year to charity and avoid capital gains altogether – plus getting a deduction for the stock’s fair… (more…)

Safeguard records before a disaster strikes

There’s never a good time to plan for a disaster. There’s never a better time either. So why wait? Instead of having to reconstruct personal and business records in the aftermath of an unexpected calamity, safeguarding documents before you suffer a loss will make it easier to claim casualty deductions and other tax breaks. Here’s an overview of some of… (more…)