November 2013

Looking for ways to ensure there’s some extra money at the end of every month? Cut out these 4 expenses.

Grandparents can help with college and lower taxable income.

A grandparent helping their grandchild pay for college can be a win all around. When a grandparent that contributes to a 529 savings plan, it lowers assets within the grandparent’s estate. This helps lowering estate tax.

Travel expenses for charity help lower your taxes.

The IRS allows you to deduct your expenses when traveling for a charity cause. However there are a few criteria that you need to meet to be able to qualify for the deduction.

So your friend was in a pinch and you thought they’d be good for it and they weren’t. It’s not all bad; you can lower your taxable income as a result.

Maybe you loaned money to a friend to help with a struggling situation. But now it’s beginning to look like you are never getting paid back.

Many businesses regularly overlook 3 common mistakes that wind up costing them dearly and obstructing their path to a successful venture.

How does the government shutdown impact the IRS?

The 16-day government shutdown came at a pivotal time for the IRS as they were prepping their complex systems for the 2014 tax season. Only 10% of IRS were open during the government shutdown. This put the IRS behind by almost 3 weeks.

Bundle expenses for itemized deductions.

Will your itemized deductions for 2013 be right around the standard reduction amount? If so, you can bundle expenses for every other year and claim the standard deduction in the in between years. Over two years, this will significantly cut how much income you’re taxed on.

Deferring income could lower your taxes!