Juanita Farmer, CPA

Many 401(k) plans allow taxpayers to make Roth contributions as long as the plan has a designated Roth account. Your plan may also allow you to transfer amounts to the… Read More

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not? The quick answer is that all income is taxable unless… Read More

Here’s what small business owners need to know about tax law changes and inflation adjustments for the year ahead. Standard Mileage Rates In 2023, the rate for business miles driven… Read More

Every year, it’s a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax… Read More

Filing your 2022 tax return promises to be just as complicated as always; however, there are steps that taxpayers can take right now to ensure their tax filing experience goes… Read More

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2023 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for… Read More

Typically, credit card balances follow a seasonal pattern, increasing significantly in the fourth quarter and coinciding with holiday shopping. This year is no exception; unfortunately, it coincides with higher credit… Read More

Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer… Read More

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2022. General… Read More

Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes.… Read More

Understanding marginal and effective tax rates is important for tax planning purposes; however, many taxpayers don’t fully understand the differences. Let’s take a closer look: Marginal Tax Rate The United… Read More

According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers… Read More