Individual Taxes

Tax Life After College

As we roll into May and everyone begins receiving graduation invitations, I start getting questions from clients and their new college graduates. “What will my taxes be like after college when I get a real job?” There are two aspects to look at on this issue, the parent’s side and the new graduate’s side of [...]

2018-07-22T15:59:31-05:00Individual, Individual Taxes, News|

Independent Contractor or Employee: The Distinction Matters to the IRS

If you’re a business owner, you have financial incentive to want to classify workers as independent contractors rather than as employees.  For example, you’re required to withhold and pay taxes on employee wages, and you may need to offer employee benefits such as paid time off and pension contributions.  None of these are required with [...]

Last-minute tax savers for individuals

Even though the end of the year is fast approaching, you still have time to trim your 2015 federal income tax bill. Here are suggestions.   State and local income taxes. If you prepay certain state and local taxes, you can claim the deduction on your 2015 return. Caution: Analyze your exposure to the alternative [...]

2018-07-22T16:01:54-05:00Individual, Individual Taxes, News|

6 Tax Issues That Affect Newlyweds

Congratulations on your marriage. Your tax situation just changed.   While your tax status is not exactly the first thing that comes to mind when you get married it’s one of the larger issues that affect newlyweds. Because it’s wedding season we’re going to run through a number of things that change when you get [...]

2018-07-22T16:04:03-05:00Individual, Individual Taxes, News|

Summer jobs and tax issues for kids.

Summer jobs are a staple for teenagers around here. Unfortunately they can also cause unneeded aggravation for young workers and their parents who aren't prepared to deal with the potential taxes. Jobs produce income and the IRS is always going to want it’s cut regardless of age, but there are some special tax rules apply [...]

2018-07-22T16:04:52-05:00Individual, Individual Taxes, News|