AFS Blog

How The Tax System Works

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... read more

Will I owe taxes when I sell my home?

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... read more

Tax Reform is probably real

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... read more


For small business owners, you should be aware that the IRS has moved up the filing due date for 1099-MISC forms that report non-employee compensation in Box 7.  The new due date is January 31st, the same as the date the forms are supposed to be issued to recipients.... read more

Some Year End Tax Planning Tips

Here are a few tax planning tips to help reduce taxable income for 2016.  It’s not too late to utilize some of these strategies.  You can accelerate deductions and defer income- for example, make an extra mortgage payment before the end of the year or put off... read more

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