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Medical Savings Accounts

Sep 13, 2017

So, you’re a parent and your child needs braces. How do you go about getting a discount on the money you use to pay for this expense?  Let’s use an example of a taxpayer with an effective tax rate of 20% and braces for their child costs $6,000, using tax free money would mean a […]

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Check Withholding Now to Avoid Surprises at Tax Time

Aug 7, 2017

The federal income tax is a pay-as-you-go system. Employers generally withhold tax from workers’ wages. Taxpayers also often have taxes withheld from certain other income including pensions, bonuses, commissions and gambling winnings. People who do not pay tax through withholding, like the self-employed, generally pay estimated tax. In addition, those who earn income such as […]

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Nexus, Sales Tax, Sourcing Sales and the Confusion

Jul 18, 2017

Most business owners understand the term “Nexus” as having enough contact with a state before that state can require a business to collect its tax or otherwise subject it to its taxing authorities. Without “Nexus” there is no obligation to file a return with that state. The “Nexus” standard is becoming more complicated and complex […]

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When a Home Sale is Taxable, Part 2

Jun 28, 2017

If fortunate enough to sell a home for more than the total gain exclusion, there is also a need to know how much the total gain is. Determining the sale price is easy, that’s the sale price listed at the top of the purchase and sale statement or the HUD-1 form received at closing. A […]

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When a Home Sale is Taxable

May 30, 2017

Even with the last significant change going back to 1997, the rules for when a personal residence can be sold tax free are often misunderstood. Selling a home isn’t a daily occurance for most people and it’s not uncommon for the prior rules to have been in place the last time a homeowner did so. […]

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“Harbor Networks has been a client of Paresky & Flitt for 15 years. During that time our business has grown consistently year over year. Dave Lorenzi and the team at Paresky &...
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Greg Bertschmann
Harbor Networks, Inc.
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