Hire your child to save taxes

Hire your child to save taxes Is your child looking for a summer job? – look no further than your own company. A business owner can shift income from business earnings to their child’s wages tax free while at the same time, saving them thousands of tax dollars....

Choosing the Right Business Structure

Choosing the Right Business Structure You have an idea and you are ready to make your move.  You have a cool name for your business and you are ready to go make it work.  At this point, don’t get in a hurry – we suggest you slow down and really consider how you want...

Should I give my kid an allowance?

This is highly debated and often one person’s theory differs from another.  Do you give an allowance?  If you do give an allowance, why do you do it and what are the benefits?  If not, what tools do you use to teach them financial responsibility? We have all been at...

CHARITY – Will the New Tax Law Reduce Donations?

Rightfully so, many have expressed concern that their contributions from donors may go down under the rules passed with the new tax law.  After all, deducting your donations just got harder. With a new standard deduction that is practically double what is has been...

If You Are Audited – Who will Represent You?

If You Are Audited – Who will Represent You? Any tax professional with an IRS Preparer Tax Identification Number (PTIN) is authorized to prepare federal tax returns. However, tax professionals have differing levels of skills, education and expertise. An important...

Military Pension Update

MILITARY PENSION    Military Pensions are no longer subject to WV state income tax effective January 1, 2018. Those who have served in the Armed forces, reserves and National Guard members who retire in West Virginia will no longer have to pay state income tax on...

2017 Tax Extenders (Passed Feb 9, 2018) 

2017 Tax Extenders (Passed Feb 9, 2018)                    exclusion from gross income of discharge of qualified principal residence indebtedness; mortgage insurance premiums treated as qualified residence interest; above the line deduction for qualified tuition and...

NEW TAX LAW AND WITHHOLDINGS January 26, 2018

Your paycheck is about to get bigger.  The Treasury Department announced revisions to the 2018 withholding tables to reflect the massive tax changes Congress enacted late last year. These and other changes allow employers to use your W-4 form already on file to adjust...

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