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Qualified Business Income Deduction

Qualified Business Income Deduction

One of the significant new tax deductions taking effect in 2018 under the new tax law is the qualified business income deduction. It should provide a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation, LLC, or...
Help! I filed my taxes wrong!

Help! I filed my taxes wrong!

Help!  I filed my taxes wrong! What should you do if you have made a mistake on your taxes?  The first thing you should do is not panic – and secondly you should go about correcting the error. The longer you wait the more work it is to correct the error – and it can...
Does your paycheck need a checkup?

Does your paycheck need a checkup?

Your paycheck may need a checkup!  With the new tax law that passed in December 2017, there is a good chance that you will see some changes when you file your 2018 income tax return.  In order to be prepared for the impact of the new tax law, it is a good idea to plan...
Required Minimum Distributions

Required Minimum Distributions

If you have a retirement account such as a traditional IRA or a 401(k) you typically are required to begin taking distributions from the plan at the age of 70 ½. These distributions, commonly referred to as required minimum distributions or “RMDs”, provide for a...