Author name: Penrose & Associates

Did you move in 2016? Even if you didn’t move specifically to start a new job, you may still take advantage of a lucrative tax break for moving expenses. The best part is you can use the tax break for moving expenses even if you don’t itemize deductions on your tax return. Does your move […]

Due to changes in the law, starting in 2017, the Internal Revenue Service (IRS) expects to hold tax refunds for taxpayers claiming the Earned Income Tax Credit (EIC) or the Additional Child Tax Credit until February 15, 2017 to give the agency more time to detect fraud.   This applies to the entire refund, not just

As we get ready for the 2017 filing season, there is hope that the year will be better.  One reason is because the 2017 filing season will involve new due dates, a result of years of advocacy by the accounting profession. Partnerships – Form 1065 Business entities such as partnerships or multi-member LLC’s that file

Individuals Health Insurance Coverage Penalties Penalties are assessed for each month that any individual does not have the minimum essential health insurance coverage (Obamacare). In 2016 the penalty increases to $695 per adult, or 2.5% of income with a family maximum of $2,085. Canceled Debt on Qualified Principal Residence Debt cancelled from short sale, foreclosure, or

Below are some tips that can still save you money for 2016 1. Sell investments showing a loss to offset gains A key year-end strategy is called “loss harvesting” –selling investments such as stocks and mutual funds to realize losses. You can then use those losses to offset any taxable gains you have realized during

Too much debt, not enough money, kids, marriage and the list can go on. There are a lot of reasons that you may be feeling some financial stress. It is one of the largest stressors on relationships. When you are stressed out it affects other aspects of your life. You may have a hard time

Traditions are important in companies just as they are in families. And, Halloween is one of the best holiday traditions to establish and to celebrate at work. Halloween has climbed right up the holiday charts and is now the second most popular holiday, second only to Christmas, so it’s popular with employees, too. Celebrating Halloween

Autumn is upon us, and if you chose to file a tax extension this year, October 15 is your target date…your zero hour…your deadline. Your six-month grace period is coming to an end. If it feels as though the past few months have flown by, don’t fret, there is still time to submit your tax