IRS Tax Tip: Know the difference between standardized and itemized deductions

It’s a good idea for people to find out if they should file using the standard deduction or itemize their deductions. Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes. Individuals should understand they have a choice of […]

Don’t let ‘ghost assets’ haunt your bottom line

It’s that time of year to clear away old equipment from your financial statements so you are not haunted by unused and out-of-date equipment that can suck the life out of your bottom line. Unused equipment is commonly referred to as a “ghost asset.” Ghost assets are fixed assets that remain on the financial statement […]

State and local taxes could impact where you retire

The beach? The mountains? The country? Where is your retirement dream home?  Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may appear to be […]

Assess the value: Are you paying too much property tax?

Property tax: a hidden – but significant cost – to any business owner. According to information provided recently by one industry expert, commercial property taxes constitute about 40 percent of occupancy costs. This is compared to income tax, which is generally 4.5 percent of the cost of occupancy, and sales and use tax, which comprise about […]