Financial Cents

August 12, 2021 | Juanita Farmer, CPA

Blog: Key Tax Changes Could Affect Your Tax Situation in 2021

Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here’s what you need to know: Child and Dependent Care Credit Increased for 2021 Only The new tax law affected taxpayers in several ways. First, it increased the dollar amount of the credit and the amount of eligible expenses […]

Read more

August 3, 2021 | Juanita Farmer, CPA

Blog: What Is the Net Investment Income Tax?

While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here’s what you need to know. What is the Net Investment Income Tax? The Net Investment Income Tax (NIIT) is a 3.8 percent […]

Read more

July 27, 2021 | Juanita Farmer, CPA

Blog: Employee Relocation: What Happens to Your Home?

Employees and small business owners often have questions about what to do with an employee’s home – and what the tax consequences might be – when they move to a new job location. Here are some answers: Employees Most employers want to protect the employee from being relocated against financial loss on a “forced” sale […]

Read more

July 13, 2021 | Juanita Farmer, CPA

Blog: Small Business: Understanding Payroll Expenses

Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who is just starting or one who has been in business for a while – ready to hire an employee or two – here is what you should know about withholding, reporting, and paying employment taxes. […]

Read more

July 6, 2021 | Juanita Farmer, CPA

Blog: 10 Tips to Help You Start Saving for Retirement

It’s never too late to start, but the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year’s gains – that’s the power of compounding – and the best way to accumulate wealth. These ten tips will help you get started: Set Realistic Goals. Project your […]

Read more

June 28, 2021 | Juanita Farmer, CPA

Blog: Tips for Students with a Summer Job

If your child is a student with a summer job, your child’s wages over the summer are considered taxable income. Here’s what they should know: Form W-4. When anyone gets a new job, they need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Employers use this form to calculate how much federal income tax to […]

Read more

June 22, 2021 | Juanita Farmer, CPA

Blog: Tips to Help You Figure Out if Your Gift is Taxable

If you’ve given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax usually does […]

Read more

June 16, 2021 | Juanita Farmer, CPA

Blog: Changing Jobs? Don’t Forget About Your 401(k)

One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you put in five years at your current job. For most of those years, […]

Read more

June 16, 2021 | Juanita Farmer, CPA

Blog: Tax Considerations When Selling Your Small Business

Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order, obtain an accurate business valuation to determine […]

Read more

May 28, 2021 | Juanita Farmer, CPA

Blog: Avoiding Tax Surprises When Retiring Overseas

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Taxes on Worldwide Income Leaving the United States does not exempt […]

Read more

Engage us on Facebook

Follow us on Twitter