With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your […]
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. […]
For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December […]
It’s hard to believe it’s the last quarter of 2019. Are you starting to stress about your 2019 tax return? Have you done any tax planning? If you plan for the remainder of 2019, as well as 2020, tax planning will not be a stressful situation. President Sandy Furuya breaks down her top 10 tax […]
Today we’re focusing on Fringe Benefits, and what plan may be right for you, including the difference between an accountable plan and a non-accountable plan, and Section 125 plans.
You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end. […]