Financial Cents

Don’t pay more in taxes than you have to. Take full advantage of all deductions and credits available. Planning is the key to successfully and legally reducing your tax liability. The author, Juanita Farmer, is the Managing Partner of J.D. Farmer & Associates, LLC, a public accounting firm, located in Germantown.

Rely on this blog for tips and strategies to survive tax season.

 

Partner Blog for Financial Cents

Year-End Tax Planning Strategies for Individuals

2017 taxes

Once again, tax planning for the year ahead presents a number of challenges, first and foremost being what tax reform measures (if any) will actually become legislation–and when they take effect (e.g. retroactive to January 1, 2017, or a future date). Furthermore, a number of tax extenders expired at the end of 2016, which may […]

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Small Business Tax Tips: Health Care Tax Credit

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As a small employer, you may be eligible for a tax credit that lets you keep more of your hard-earned money. It’s called the small business health care tax credit, and it benefits employers that: offer coverage through the small business health options program, also known as the SHOP Marketplace have fewer than 25 full-time […]

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Special Tax Relief: Hurricanes Harvey, Irma & Maria

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Key tax relief provisions are now available for victims of Hurricanes Harvey, Irma and Maria. This tax relief applies to individuals and businesses anywhere in Florida, Georgia, Puerto Rico and the Virgin Islands, as well as parts of Texas. A key component of this tax relief is that it postpones various tax deadlines. For example, […]

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What you Need to Know About the Equifax Data Breach

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Background: What is Equifax? Equifax is one of three major U.S. credit reporting bureaus. The other two are TransUnion and Experian. There is also a smaller, less well-known credit-reporting agency called Innovis (aka CBCInnovis) that operates slightly different in that its main purpose is to provide mortgage credit reporting services to the financial services industry. […]

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Traditional IRAs vs. Roth IRAs

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Two types of IRAs are available to fund your retirement: Traditional IRAs and Roth IRAs. While both are subject to many of the same rules there are several important differences. It’s important to understand these differences because the type of individual retirement account (IRA) you choose can significantly impact your financial future and that of […]

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Minimizing Tax on Mutual Fund Activities

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Tax law generally treats mutual fund shareholders as if they directly owned a proportionate share of the fund’s portfolio of securities and you must report as income any mutual fund distributions, whether or not they are reinvested. Thus, all dividends and interest from securities in the portfolio, as well as any capital gains from the […]

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Tax Tips for Students with a Summer Job

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Is your child a student with a summer job? Here’s what you should know about the income your child earns over the summer. All taxpayers fill out a W-4 when starting a new job. This form is used by employers to determine the amount of tax that will be withheld from your paycheck. Taxpayers with […]

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Planning For Retirement: Withdrawals

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Are you thinking of retiring soon, or changing jobs? You may face a major financial decision: what to do about the funds in your retirement plan. Note: As you will see, the rules on retirement withdrawals are quite complex. They are offered here only for your general understanding. Please consult a financial advisor before taking […]

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Tax Planning for Small Business Owners

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Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning and don’t even think about their taxes until it’s time to meet with their accountants once a year. But […]

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Retirement Plan Options for Small Businesses

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Employer-sponsored retirement plans have become a key component for retirement savings. They are also an increasingly important tool for attracting and retaining the high-quality employees you need to compete in today’s competitive environment. Besides helping employees save for the future, however, instituting a retirement plan can provide you, as the employer, with benefits that enable […]

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