10K Plus in Your Foreign Account? File an FBAR to Avoid a Tax Penalty

By Wiss, Posted in Tax Services

If you maintain a foreign financial account, which could be a bank account, a mutual fund, a brokerage account, or any other sort of account, that contains a collective value of $10,000, you may be requested by the Bank Secrecy Act to report your account annually to the Department of Treasury through electronic filing. The Report of Foreign Bank and Financial Accounts, FBAR, is a form that must be recorded directly with the office of Financial Crimes Enforcement Network, or FinCEN. Those who complete this... read more.

Take Your Inventory Management System Out of the Spreadsheet Age

By Wiss, Posted in Advisory Services

By Donna Woronka Many businesses start up so modestly that they can fit their full inventory in their garage, a slice of rented warehouse or in that dark, cobwebby storeroom in their building—and easily keep track of it via a spreadsheet. But as businesses grow and inventory expands, all that manual input catches up with them.   In the first place, spreadsheet inventory management is a laborious operation that takes key people away from what they should be doing. And manual input is ripe for th... read more.

If You’re Self-Employed, You May Qualify for Insurance Deductions

By Wiss, Posted in Tax Advantages

For myriad professionals, becoming an entrepreneur can be a dream come true. Fortunately, health insurance deductions can make maintaining that dream much easier. The Self-Employed Health Insurance Tax Deduction within the Affordable Care Act can assist in lowering your adjust gross income by your payment quantity in premiums on dental, medical, and qualified long-term care insurance for you and your loved ones. For self-employers unable to access a partner’s insurance plan, taking on this career path... read more.

No Health Coverage? Be Prepared to Pay a Hefty Price

By Wiss, Posted in Tax Services

As of now, Obamacare’s individual mandate requests that you purchase health insurance. If you can afford the coverage and refuse to acquire it, a big fee could be headed your way. For the tax year of 2016, the Individual Shared Responsibility fine skyrocketed to 2.5 percent of an individual’s complete household adjusted gross income. However, for the new year and beyond, the amount will stay at 2.5 but the flat fee will be regulated for inflation. For each month you do not have coverage, you, yo... read more.

What the DOL Looks for During an Audit

By Wiss, Posted in Employee Benefit Plan Audits

By Craig Erickson  You’ve just learned that the Department of Labor’s Employee Benefit Security Administration has selected your company’s retirement plan for an investigation. Are you and your plan prepared for an audit? The DOL typically doesn’t provide much notice before beginning an audit, which can last several days, weeks or longer. However, in advance of starting, you will receive an investigation notice that includes a list of documents its people will want to review w... read more.

Tax Benefits of Charitable Giving

By Wiss, Posted in Tax Advantages

As the new year is set in motion and you tuck away holiday presents, you may have stumbled upon items that you rarely ever use. Instead of finding additional space for these objects, it can prove to be more beneficial—and profitable—to donate them! If you break down your deductions, a contribution to an eligible philanthropic group can award you a charitable contribution deduction against your income tax.  Normally, you can subtract up to half of your adjusted gross income, b... read more.

No Phishing! Watch Out for Fake IRS Calls

By Wiss, Posted in Tax Services

Have you received a vague phone call from a person claiming to be the IRS, demanding that you cough up money to pay taxes without providing any tangible information? These callers can be relentless and may have ordinary names, persuasive IRS badge numbers, and transform your caller ID to display the words “IRS” across it, as if the actual organization is calling you. Before you panic, this is a scam called phishing, where frauds posing as the IRS make unsolicited communication to people through... read more.

Fulfilling the Dream of Home Ownership

By Wiss, Posted in Financial Planning

By Adriana Cabrera  The prospect of buying a home can be daunting, especially for first-time homebuyers who may be saddled with student loans, car payments and credit card debt. But with planning – and some discipline – potential homeowners can make their dream of home ownership a reality. Here are some tips to help you through the process.  Create a budget Begin by gaining an understanding of your income and expenses. On an Excel spreadsheet or a free budgeting app, enter your mon... read more.

Plug in Your Car and Receive a Tax Break

By Wiss, Posted in Tax Advantages

Have you recently purchased an electric or hybrid car? If so, you may be eligible for a significant tax credit. Consumers of these energy-friendly vehicles can benefit from a tax break of $2,500 to $7,500, contingent on two essential factors: a car’s battery size and the amount of income taxes you owe during a specific year. Contrariwise, vehicles that have 4 kWh batteries can be eligible for a $2,500 tax benefit. In order to stay informed on the complex rules of this federal tax credit, make sure yo... read more.

New Doors, Windows, or AC Unit? Get ready to receive a tax credit!

By Wiss, Posted in Tax Advantages

If you made your home a little more energy efficient last year, you may qualify for a tax credit on your federal income tax return. In previous years, to encourage clean energy conservation in residences of Americans everywhere, the Department of Energy and the EPA have worked collectively to develop Energy Star, a program designed to promote business and home energy efficiency by deeming appliances like solar panels, air conditioning and heating systems, and windows tax deductible. In turn, the program sav... read more.