Winners and Losers of the Tax Bill

In 2018 when President Trump and the Republican Congress rewrote the tax code, everyone knew there would be winners and losers. Exactly how this will play out is just starting to be seen – it closes loopholes while opening others and takes away some perks while creating new ones. Let’s see who the winners and…

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When Is A Loan Not A Loan?

With the sweeping new tax legislation in 2018 capturing everyone’s attention, other changes have taken a back seat. There were several Tax Court cases in 2018 that rendered important decisions impacting how things work – one of which was Povolny Group, Inc. v. Commissioner, T.C. Memo 2018-37. The Povolny Group decision centers on a common issue…

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5 Tips for First-Time Tax Filers

Filing taxes for the first time can be overwhelming. But if you have the right tools and advice before you start, it won’t be. Here are a few critical things to know before you begin, which will make the seemingly daunting process much easier. (1) Start Prepping Early Even though the deadline to file a…

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5 Things to Start Doing in the New Year

New Year’s resolutions usually involve stopping things like eating, drinking and spending too much – and so on. You know the drill. However, according to U.S. News & World Report, 80 percent of New Year’s resolutions fail by the second week in February. Why not switch things up this year? Instead of setting yourself up for…

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Divorce Can Be Taxing

Divorce is expensive. Aside from the emotional toll divorce takes on a family, both the process and aftermath of a divorce can be costly. Below we look at some of the steps people can take to help remove the tax sting out of an already challenging time and arrive at the best financial position. Changes…

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