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The Truth Behind Common Tax MythsTax myths can spread quickly, leading to costly mistakes or missed opportunities. Here are several common tax myths along with best practices to help you stay grounded in reality.
From Sole Proprietor to S-Corp: Consider a SwitchAs a freelancer or contractor, at some point you may wish to incorporate and be taxed as an S corporation. Here’s a closer look at the process of becoming an S corporation and when switching might make sense for you.
Year-End Tax Planning For Your BusinessSeptember is the perfect time for business owners to review their financial standing and plan for the final quarter. Working with a tax professional now can help maximize savings, avoid surprises, and ensure smooth tax compliance. Here are key topics to discuss.
Understanding Capital Gains and LossesHow you manage the sale of your investments impacts your overall tax picture. And to get the most out of the current tax law, you’ll need to understand capital gains and losses.
Beyond Your Credit Score: What Really Reflects Your Financial HealthWhile your credit score is important in many situations, it doesn't tell the full story of your financial health. In fact, it misses some of the most important pieces. Here's what you need to know.
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SEPTEMBER 2025 Q & AQ: I filed my Free Application for Federal Student Aid (FAFSA) form, but I have corrections. Can I still make updates to my application? A: For the 2024-25 academic year, the federal FAFSA deadline was June 30, 2025. However, you have until September 14, 2025 to make corrections or updates to your application. Many states and colleges have their own earlier deadlines for financial aid. It is crucial that you check with the specific institutions you are interested in to ensure you meet their deadlines. The 2025-26 academic year deadline to submit your FAFSA form is June 30, 2026.
Tax-Efficient StrategiesCapital gains taxes can significantly impact the returns on your investments. By working with a tax professional they'll help you understand the difference between short-term and long-term capital gains tax rates, ensuring that you are minimizing your tax liability. Utilize tax-efficient strategies, such as tax-loss harvesting, where you offset gains by selling other investments at a loss. This approach can help reduce your overall taxable income for the year. For business owners, capital gains may arise from the sale of a business or property. A tax professional can help structure the sale in a tax-advantaged way, taking into account depreciation recapture and other complex issues that could affect the final tax outcome. Consulting a tax advisor ensures that you're making informed decisions as they are up to date on new tax laws. Manage Your Debt PortfolioLike most people, you probably have a debt portfolio in addition to your investment portfolio. To make the most of your finances, you need to evaluate your debts regularly, just as you evaluate your investment performance. As we approach the final quarter of 2025, now is a good time to conduct a review to stay on track. Here are some debt management tips:
Navigating debt can be complex. Talking with your trusted advisor about tailoring your strategy based on your financial situation can provide valuable insights. Contact your trusted advisor today to discuss your unique situation.
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