A question frequently asked by taxpayers is whether or not the proceeds from a lawsuit must be included in their taxable income. The answer is the taxation of your settlement proceeds will focus on the…

Adjusted Gross Income (AGI) is one of the core tax terms used by Federal and many State taxing authorities. So what is it and why is it important? The Federal formula for AGI is: AGI…

The IRS just launched a new Tax Withholding Estimator on its website.  This new tool is completely redesigned and much more user-friendly than the old version. Why should I check my withholding? After the new…

As summer winds down and you’ve enjoyed your vacation time these past few months, are you now considering investing in a vacation home? If you’re curious about the tax implications of a second home and…

The class action settlement process for those impacted by the 2017 Equifax data breach has started. As a refresher, more than 145 million US consumers had their social security numbers, birth dates, addresses, and credit…

Employee theft happens frequently enough for it to be a concern of every business. It makes no difference whether your business is a one-employee medical office or a forty-employee retail outlet. Absentee business owners should…

Looking for a way to tackle insomnia? Read your homeowner’s insurance policy. Kidding aside, it’s worth the effort. As many families have learned the hard way, failing to evaluate policy details can lead to unanticipated…

How to effectively use your bad debt allowance When your business extends credit to customers who don’t settle accounts, their debt becomes bad debt. For businesses using the accrual basis method of accounting, establishing the…