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At Schmidt & Associates we know that an informed client is our best customer, and the Internet is a great educational resource full of endless amounts of information just a click or two away.

But sometimes it’s nice to have help sorting through the virtual noise and clutter, so we’ve selected a few helpful articles for you to view. Check back often for all of the latest information on ways to manage your business and personal financial needs more effectively.

Bunch Your Deductions and Get a Bigger Bang for Your Buck

Certain expenses can only be deducted as itemized deductions on your personal tax return if they exceed a threshold percentage of your AGI. For medical expenses, this is 10% if you’re under 65, 7.5% if you’re over 65. If you’ve got some…
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Still need to take your RMD? Put it to work for good and save taxes

Thanks to the PATH Act, passed by Congress at the end of 2015, you can take the Required Minimum Distribution (RMD) from your IRA by transferring up to $100,000 directly to a qualified charity. A Qualified Charitable Distribution (QCD) counts…

Track Your Miles to Save Taxes

The IRS allows deductions for driving your car for business, charitable or medical purposes. Business mileage includes driving from one job to a second job, driving from your workplace to a client’s place of business, and driving to perform…

Save IRS Penalties by Adjusting Your Withholding Now

Has this year been especially good for you financially? Was your business more profitable this year? Did your investments pay out big dividends or capital gains? Or did you receive an unexpected windfall? If you answered yes to any of these,…

How the PATH Act Can Save You Big on Taxes When You Buy Equipment for Your Business

Late 2015 marked the end of the annual year-end dance in Congress when the Protecting Americans from Tax Hikes (PATH) Act became law on December 18, 2015. For the first time, many popular and tax-saving  provisions were finally made permanent.…

Do You Have Household Employees? Here’s How to Avoid Trouble with the IRS

Do you pay someone to work in your home? Maybe a nanny or a gardener? Do you control what work is done and how it’s done? If so, that person may be considered your employee in the eyes of the IRS. If you pay them over $2,000 in 2017, you’ll…

Cash in Your Pocket for College Courses

Do you have kids in college? Or have you taken college courses to improve your job skills? The tax code has lots of ways to help you save on taxes, ranging from tax credits to deducting education expenses from your income.  The IRS has an Interactive…

How to Take a Home Office Deduction for your S-Corporation

If you use a part of your home for your business, the IRS lets you deduct a portion of your household expenses as a home-office deduction. For a partner in a partnership, this can simply be reported on Schedule E of your personal tax return…
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7 Things You Need to Know About State Income Taxes for Your Business

Does your business have customers in more than one state? If so, welcome to the wild world of state income taxes! Forty-five of the fifty states plus Washington, D.C. impose some type of income tax, and no two states have exactly the same tax…