There are two types of IRA’s, traditional and Roth. The primary difference between a traditional and a Roth IRA is the timing of when you pay income tax on the money in the account. With a traditional IRA, although you pay income tax on the withdrawals, you may be able to deduct the amount of your contributions in the year you make the withdrawal, which could...
Read MoreThe IRS’s Small Business/Self-Employed Division (SB/SE) has undertaken a new program for auditing expenses taken on Form 1040, Schedule F, Profit or Loss From Farming. The IRS believes that there may be compliance issues such as deducting expenses on the wrong form, deducting expenses actually belonging to another taxpayer, or deducting hobby losses. Another...
Read MoreThe anticipation of receiving a tax refund and deciding what to do with it can be pretty exciting. How do your tax refund plans compare with others? GoBankingRates conducted a survey with interesting results — saving the money led the way with splurges and large purchases far behind. To find out more, read Here’s How Most Americans Spend Their Tax Refund founding on...
Read MoreIf you feel that you are ready to buy a home, you should consider the financials before you look. That way, you aren’t going to be disappointed when you apply for financing after mistakenly looking above your budget. Here are six steps to make sure you are in the right ballpark: Know your lender’s ratios. Calculate your front-end ratio maximum payment....
Read MoreIf you’re legitimately working at home and aren’t trying to con the system, you should be able to claim your home office deduction fair and square without fear of an audit red flag. More and more people are working from home so the IRS has tried to take the fear out of this deduction by making things a little easier. The important points are: You must designate...
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A group from JMA attended the Seneca Diabetes Foundation’s 12th Annual Chairman’s Ball held on February 3rd. JMA was a proud supporter of this event. To learn more about the Seneca Diabetes Foundation, get event information, or if you’d like to donate to the cause, visit senecadiabetesfoundation.org or...
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