Tom Hager
IRS Releases 2013 Tax Scams
The IRS annually releases what it calls the “Dirty Dozen” tax scams. They do this to make taxpayers aware of the schemes being perpetrated. These schemes seem to happen more frequently during the filing season . The IRS works closely with the Criminal Investigation Division and the Department of Justice to monitor these activities. Below [...]
There’s Still Time to Make a 2012 IRA Contribution!
The deadline for 2012 IRA contributions is April 15, 2013. The limit for total contributions to all IRAs generally is $5,000 ($6,000 if you were age 50 or older on Dec. 31, 2012). Any unused limit can’t be carried forward to make larger contributions in future years. So if you haven’t already maxed out your [...]
You can’t buy life insurance!!!
What’s that you say? I own a “life insurance” policy. It’s called life insurance but you cannot assign a value to a persons life because a life is priceless. What you can buy, is value for a persons “potential earning power”. The other value you can insure for is based on a persons needs, for instance outstanding debts, [...]
Are tax savings expensive?
Everyone wants to save tax dollars, but at what cost? Tax savings usually require you to do one of two things with your hard earned cash, give up the use of it or give it away. Many tax savings vehicles make more financial sense when you have built up enough wealth to fund them. Ideally, [...]
The bill to avert the fiscal cliff “The American Taxpayer Relief Act” has finally passed.
Below is a summary of the provisions. If you have any questions on how this may affect you or your business please call us at 330-253-4424 Individual Tax Provisions in American Taxpayer Relief Act: In general, the Act: retains the 2012 tax rates for taxpayers earning less than $450,000 (joint filers and surviving spouses) or [...]
