Year-End Small Business Tax Deductions

by Bill Houston | Nov 30, 2016 | Business Deductions

For all you small business owners, it is time to start gathering the paperwork so that you don’t miss any tax deductions for 2016.  Here are some of the most common deductions available: Home office – a great way to move some personal expenses under the...

Transform your parents’ medical bills into tax-free retirement savings

by Bill Houston | Nov 18, 2016 | Tax Savings for Seniors

This article is condensed from one by Brian Vnak published on Sept. 27, 2016 at  www.Marketwatch.com. I love how people come up with these strategies.  Granted, it only fits a narrow swath of society, but for those it fits, it is awesome. Our parents are aging and...

How The Tax System Works

by Bill Houston | Nov 17, 2016 | General Tax Info

Even Einstein didn’t understand how taxes work.  He is famously quoted as saying “The hardest thing in the world to understand is the income tax”. So, in a nutshell, here is how it all works… Add taxable income from all sources to figure total...

Will I owe taxes when I sell my home?

by Bill Houston | Nov 14, 2016 | General Tax Info, Real Estate

Will I owe taxes when I sell my home?  This is a very common question and I am happy to say that most people don’t owe taxes upon sale of a personal residence. So, let’s review the rules. Individuals are allowed to exempt up to $250,000 of gain and married...

Tax Reform is probably real

by Bill Houston | Nov 10, 2016 | General Tax Info

With Trump as President and with a Republican House and Senate, there is likely going to be broad agreement on tax reform. Here is what appears to be likely, though proposals are somewhat fluid: The corporate tax rate will be lowered to as low as 15%.  If this...