Entries by baybiz

Four simple tips for organizing your finances

In our busy lives, it’s sometimes tough to corral our financial records. Bills, paycheck stubs, tax returns, and bank statements can disappear into dusty attic corners and bulging desk drawers. Important insurance policies can hide out beneath bins of holiday ornaments and electrical supplies. Mortgage documents can sneak into old books or ensconce themselves in […]
David Bradsher, CPA

Don’t lose out on the 2014 gift tax exclusion

Time is running out for making 2014 tax-free gifts. You have only a few more months to use your annual gift tax exclusion for this year, or it’s gone forever. Each year you can make gifts up to a certain dollar limit to an unlimited number of people, free of any gift tax. For 2014, […]
David Bradsher, CPA

Avoid these six mistakes in selling your business

Most entrepreneurs eventually think about selling their businesses, whether as a prelude to retirement or to pursue other activities. In doing so, they often underestimate the effort required for a satisfactory outcome and overestimate the value and salability of their enterprises. If you’re contemplating selling, here are some common mistakes to avoid. 1. Overestimating the […]
David Bradsher, CPA

No, you’re probably not saving enough

How much money did you save last year? If you didn’t save at least 10% of your earnings, you didn’t save enough. If your savings in 2013 fell short, the only solution is to take charge of your financial future right now and start saving more money. Saving money doesn’t have to be hard work. […]
David Bradsher, CPA

IRS issues another warning

Another strong warning from the IRS is alerting taxpayers to phone scams that have already resulted in 90,000 complaints and the theft of millions of dollars. Here’s how the typical scam works: The caller claims to be from the IRS and, using hostile and abusive language, demands immediate payment of taxes by a prepaid debit […]
David Bradsher, CPA

Here are tax breaks when you do charitable work

If you do volunteer work for a charitable organization and have not kept track of your out-of-pocket expenses, you might be passing up an excellent opportunity to lower your tax bill. To qualify, your unreimbursed expenses must relate directly to the charity, and you must itemize your deductions on your tax return. Here is a […]
David Bradsher, CPA

Worthless stock and tax timing

In the last few years, you may have purchased stock in a dot-com that’s now out of business, or in another company whose share price is now just pennies. Does this mean you can take a tax loss for a worthless security? Here’s a quick look at the rules. First, the stock must be completely […]
David Bradsher, CPA

Grandparents can help with college costs

Are you a grandparent who wants to help pay for a grandchild’s college education? You’ll find several ways to do this, each with its own limitations and tax consequences. GIFTS. The simplest way is to make an outright cash gift to your grandchild each year. In 2014, you can give up to $14,000 without any […]
David Bradsher, CPA

IRS posts “Taxpayer Bill of Rights

The IRS has just issued a “Taxpayer Bill of Rights” that you should be aware of. The Rights are divided into ten main categories. According to this “cornerstone” document you have The Right: * to be informed * to quality service * to pay no more than the correct amount of tax * to challenge […]
David Bradsher, CPA