Saving for College
Our firm hears this statement A LOT: We want to start saving for our children’s college education. But there are so many options. Where do we start? What a great question. There are many things to consider when saving for college.Investment StrategyOur...
Document Retention Guide
We often hear the question “How long should I hold onto this document?” To find the answer we enlisted the help of personal financial assistant Suze Orman. Click hereRecord KeepingKeep till warranty expires or can no longer return or exchangeSales...
Non-Cash Donations
Every tax season we hear the question: “I took some clothes and kitchen items to Goodwill, can I write that off?”If you itemize your deductions, that answer is yes.Valuing GoodsBy the time we meet for taxes it may be difficult to remember how many items...
HUD 1 Refinance
We see many complicated tax transactions every year. One group of transactions that are particularly complex are property transactions. The buying and selling of land, buildings, and all other real estate has several tax implications for both the buyer and...
Form 5498
If you have money invested in an Individual Retirement Account you will be receiving a Form 5498 from TD Ameritradeor your stock brokerage firm in the mail this week.What is it?Form 5498 is information sent to the IRS by the trustees of Traditional, Roth,...
Notice to Pay Letter
IRS Demanding Payment? Discuss with Your Accountant FirstThis time of year many of our clients receive notice letters from the IRS or the State Department of Revenue. The notice letters encourage you to write a check for unpaid tax, penalty, and interest...
Contributions
Don’t forget that you have until April 15th to make your final Traditional IRA, Roth IRA, SEP IRA, and 401k contributions for this tax year. It usually takes time to process these funds so please make your individual retirement contributions right...
FAFSA Filers
Are you, your spouse, or your dependent child attending a post-secondary college or university? If so, it is likely you’ll have to complete a Free Application for Federal Student Aid (FAFSA) to be submitted to the school.One requirement to have your FAFSA...
1099-G Tax Letters
February’s tax tip of the month is all about those pesky 1099-G tax letters you might have received in the mail. If you’ve received this letter from the Nebraska Department of Revenue (or the state tax department where you live), you’re not alone. This tip...
Gathering Tax Documents
The most important piece of advice you should remember before tax season is review your tax organizer in detail. By using an organizer, or by using last year’s tax return, you can identify most of the tax documents we’ll need to prepare your taxes.Problem...