by Lori Bowden | Sep 1, 2024 | Tax & Accounting
If you pay premiums for Medicare health insurance, you may be able to combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for “Medigap” insurance and Medicare Advantage...
by Lori Bowden | Aug 4, 2024 | Tax & Accounting
Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company. Should you operate as a C corporation or as a pass-through entity such as a partnership, limited liability company...
by Lori Bowden | Aug 3, 2024 | Tax & Accounting
Teachers who are getting ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators. History of the Deduction Before 2018, employees...
by Lori Bowden | Aug 2, 2024 | Tax & Accounting
Many businesses need to have some inventory available. But having too much inventory is expensive, not just to purchase but also to store, safeguard and insure. So, keeping your inventory as lean as possible is critical. Here are some ways to trim the fat from your...
by Lori Bowden | Aug 1, 2024 | Tax & Accounting
Purchasing a home is expensive, leaving many would-be buyers feeling cash-strapped. If that’s you, you might be considering taking some money from your traditional IRA to help fund the purchase. But should you? A 10% penalty normally applies to IRA withdrawals before...
by Lori Bowden | Jul 4, 2024 | Tax & Accounting
Many businesses use independent contractors to help keep their costs down and provide flexibility for short-term needs. But the question of whether a worker is an employee or an independent contractor is complex. Be careful that your independent contractors are...
