Financial Cents

October 25, 2021 | Juanita Farmer, CPA

Blog: IRA Terms to Know

IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account, here’s a basic overview of terms to know: Contribution. The money that someone puts into their IRA. There are annual limits to contributions depending […]

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October 18, 2021 | Juanita Farmer, CPA

Blog: Use These Strategies To Pass on Wealth to Heirs

Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free, as well as minimize estate taxes. Additional opportunities are available as well, thanks to low interest rates and a volatile stock market. Let’s take a look at some of […]

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October 11, 2021 | Juanita Farmer, CPA

Blog Small Business: Tips for Ensuring Financial Success

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Probably not. While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and expect good results. Every business owner […]

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October 4, 2021 | Juanita Farmer, CPA

Blog: Marginal Tax Rate

The United States has a progressive tax system. The more money you earn, the higher your tax rate is and the more taxes you pay to the IRS. In 2021, there are seven tax brackets ranging from 10% to 37%. If you earn $35,000 a year as a single filer, you are in the 12% […]

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September 7, 2021 | Juanita Farmer, CPA

Blog: Tax Relief for Those Affected by Natural Disasters

Recovery efforts after natural disasters can be costly. With floods, tornadoes, hurricanes, earthquakes, and other natural disasters affecting so many people throughout the U.S. this year, many have been left wondering how they’re going to pay for the cleanup or when their businesses will be able to reopen. The good news is that there is […]

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August 30, 2021 | Juanita Farmer, CPA

Blog: Start Planning Now for Next Year’s Tax Return

This year’s tax deadline may have come and gone, but it’s never too early to start planning for next year. With that in mind, here are five things you can do now to make next April 15 easier for everyone. 1. Review your paycheck. Make sure your employer is properly withholding and reporting retirement account contributions, […]

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August 20, 2021 | Juanita Farmer, CPA

Blog: Retirement Plan Options for Small Businesses

According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits. If you’re like many other small business owners in the United States, you may be considering the various retirement plan options available […]

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August 16, 2021 | Juanita Farmer, CPA

Blog: Minimizing Capital Gains Tax on Sale of a Home

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale of a home. The IRS home sale exclusion rule allows an exclusion of gain up to $250,000 for […]

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August 12, 2021 | Juanita Farmer, CPA

Blog: Key Tax Changes Could Affect Your Tax Situation in 2021

Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here’s what you need to know: Child and Dependent Care Credit Increased for 2021 Only The new tax law affected taxpayers in several ways. First, it increased the dollar amount of the credit and the amount of eligible expenses […]

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August 3, 2021 | Juanita Farmer, CPA

Blog: What Is the Net Investment Income Tax?

While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here’s what you need to know. What is the Net Investment Income Tax? The Net Investment Income Tax (NIIT) is a 3.8 percent […]

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