Tax preparation and planning insights for business owners and individuals with complex needs in Roanoke, VA and beyond. Covers filings, compliance, and proactive strategies to reduce taxes and improve outcomes.
79 articles
February 3, 2014
“Confess Confess, confess Why don’t you confess? Say yes, say yes I wish you’d reveal to me” – “Confess” – Doris Day and Buddy Clark In my last article I discussed some of the criteria that should be used to determine whether a worker is an independent contractor or an employee. I also considered the […]
January 6, 2014
What Are Flexible Spending Accounts? “Gumby and flexibility are synonymous, and top athletes are praised for their Gumby-like or Gumbyesque prowess. The U.S. Marines use the phrase ‘Semper Gumby.’” – Gumbyworld.com In my last article I explained what Health Savings Accounts (HSAs) are, how they function, and the tax benefits associated with them. I used […]
December 23, 2013
With the end of the year and tax time quickly approaching, I’m going to start focusing on various tax tips up until April 15th. Today’s topic: Health Savings Accounts (HSAs). Health Savings Accounts (HSAs) are one of the most painless yet most underutilized tax instruments available. Here’s how they work: HSAs are savings accounts where […]
November 23, 2013
Originally published September 23, 2013: Okay, maybe it’s not a tax deadline in the strictest sense of the word, although there are some important cut-off dates coming up as early as October 1 (more on that in a minute). However, let’s step back for a moment here and look and the important “bigger picture.” Once the year is […]
November 23, 2013
2025 Update: while all of the information in this article is still valid, we have done a much more in-depth discussion of the issue that can be found here. Most businesses eventually choose to incorporate in some form or fashion. This can have a number of benefits, both from a legal and a tax standpoint. […]
November 23, 2013
Originally published May 28, 2013 Most of my clients know that I am not a big fan of the home office deduction especially if they are homeowners. While it is certainly tempting to be able to deduct a portion of your otherwise non-deductible personal expenses, in most cases it is simply not worth the cost. I’ll break this into […]
November 23, 2013
Originally published May 14, 2013 So everyone knows that if you own your house the mortgage interest, real estate taxes, and (in most cases) PMI are deductible on your individual income tax return. The title is in your name, the loan is in your name, and the 1098 comes directly to you. Easy. Where the […]