Consider estate-planning implications If you are getting remarried, you may face some special estate-planning challenges, especially if you have children from a prior marriage. The following 10 tips may help. 1. Talk with one another. Do not start off a marriage by hiding financial interests or concerns from one another. For instance, if you intend to [...]
The IRS recently released its annual list of "Dirty Dozen” tax scams to watch out for in 2017. Here is a rundown gleaned from the IRS’ summary. 1. Phishing: Be on guard against fake e-mails or websites looking to steal personal information. Do not click on e-mails claiming to come from the IRS. 2. Telephone scams: [...]
For a small-business owner who works out of his or her personal residence, a home-office deduction can provide significant tax savings, year in and year out. But keeping detailed records is critical. Although you may elect to use a simplified method for deducting home-office expenses on your 2015 tax return, the actual expense method usually [...]
How will you ever save enough money to pay for your children’s college educations? There are no absolute guarantees, but Section 529 plans may help you set aside funds, up to generous limits. Here are the answers to several common questions on this subject. What exactly is a Section 529 plan? Named after the tax [...]
Even though you just put your 2016 tax return to bed, you cannot rest easy. It is already time to pay attention to your tax liability for 2017. Significantly, you may be required to pay installments of “estimated tax” for this year, especially if you are self-employed or retired. The next due date for quarterly [...]
Reap tax rewards for travel and entertainment What are your plans for the summer? If you have a business trip scheduled for a place you would like to visit personally, you might decide to combine a little pleasure with your business. Similarly, you may invite some of your best clients to your home for a [...]
As mentioned previously on our blog, JamisonMoneyFarmer hosted an international summit in Tuscaloosa with its strategic partner firms from Germany and across the United States. The 2017 US German Summit was held April 30 - May 2 with an emphasis on global business trends, cross-border transactions, and international tax strategies. Business Meeting Topics included: Money Laundering, [...]
One of Alabama’s largest and most respected accounting, tax and advisory firms, JamisonMoneyFarmer PC (“JMF”), will host an international summit in Tuscaloosa with its strategic partner firms from Germany and across the United States. The 2017 US German Summit will be held April 30 - May 2 with an emphasis on global business trends, [...]
Small business owners must remain alert It seems to be in the news every other day: A trusted longtime employee is found guilty of embezzling money from his or her employer. This may give you momentary pause, but then it is likely that you will simply continue to go about your business. After all, this [...]
As we near the end of tax filing season, you might be looking to increase the number of itemized deductions you can use to offset highly taxed ordinary income. What about the grab bag of expenses known as miscellaneous expenses? If you qualify, you might be able to deduct a portion of those expenses on [...]