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Jun 2016Is Student Loan Debt Holding You Back?
Everyone knows that putting money away for retirement is a smart idea. But what if something was standing in the way of building that nest egg? A recent poll from AICPA shows that student loans have been directly affecting adults in the United States that are trying to save for retirement. The poll states that half of those that either have student loans or who…
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May 2016Worker’s Compensation- Is It Absolutely Necessary?
Worker’s compensation insurance is a required, state-specific law that provides employees monetary relief in the event of any injuries or accidents that occur as a result of employment. In California, employers are required to have worker’s compensation for their employees under Labor Code Section 3700 even if they only have one; employers are not required to obtain worker’s compensation for independent contractors whose services are enlisted by the employer. However, it…
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Apr 2016Deadline Approaching: April 18th is the Last Day to File Taxes
Still haven’t filed your taxes yet? Time is running out! Monday, April 18th is the last day to file taxes for 2015. Why the later date? The Capitol will be celebrating Emancipation Day on April 15th, giving you three extra days to get those pesky returns over to the IRS. Estimated tax payments are also due on April 18th. If you need some more time…
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Apr 2016Saver’s Credit: How To Know If You Qualify
Do you currently put money into an IRA or 401k? If so, you may qualify for the Saver’s Credit! This credit may not only reduce the tax you owe, but it also can help you save for retirement. Those who qualify for the credit must be at least 18 year old, not a full time student, and not claimed as a dependent on someone else’s…
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Apr 2016Get Prepped: 2016 Tax Information
With tax season in full swing, we’re sure the last thing you want to think about is next tax season. However, the IRS recently announced the annual inflation adjustments for the 2016 tax schedule, and it’s definitely information worth knowing. Tax rate schedules, tax tables, and cost-of-living adjustments are all on the list. Take a look at the images below, courtesy of Forbes, for…
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Mar 2016Are You Eligible For An Education Credit?
The American Opportunity Tax Credit and the Lifetime Learning Credit are the two educational credits available to those that pay for post secondary education. Those who qualify for either education credit must meet both of the following requirements: -You pay qualified education expenses for a higher education (or your spouse or a third party does) -You, yourself, or a listed dependent is a student enrolled…
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Mar 2016Do I Actually Have To File Taxes?
Have you ever asked yourself, do I really have to file taxes? The short answer, most often, is yes. The long answer may surprise you. There are a select few of us who actually don’t have to file taxes, and this is dependent on your age, your income level, and your filing status. Here’s how to know if you qualify… Use this guide below, courtesy…
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Mar 2016Top 10 Red Flags That Trigger An Audit
Let’s face it, none of us ever want to hear the words “IRS audit”. The good news is that the odds of being audited by the IRS are at the lowest levels in at least a decade. In fact, the probability of being audited for a median household income in the US dropped to less than 1% in 2014 versus 5.6% in 1993. The IRS…
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Feb 2016Section 1244 And Everything That Goes With It
The Internal Revenue Code tactfully provides US taxpayers with specific forms of relief that are offered through various stipulations found within the code itself. One of these stipulations is section 1244, which allows individuals and partnerships to treat the losses sustained on the sale of small business stock as ordinary rather than capital losses. The difference between ordinary and capital losses is significant. Capital losses…
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Feb 2016Do You Know The Difference Between An Employee And An Independent Contractor?
It can get a little tricky sometimes in determining whether someone you consistently hire to perform services for your business is an employee or an independent contractor; not to mention keeping track of the difference in tax treatment between the two. Have no fear, Paragon is here to break it down for you! Employees are defined by the IRS as “anyone who performs services for…