Recent Blog Posts

November 15, 2017 Newsletter

Nov 15, 2017 Tax Q&A: Mortgage Interest Deduction And Other Matters Here are some questions we’ve received from readers about the House tax plan released Nov. 2. (The answers match the plan as of Nov. 5, and could change as lawmakers debate. Q. Can you clarify proposed changes to the …

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November 8th, 2017 Newsletter

Nov 8, 2017 Smart Year-End Moves to Trim Your 2017 Tax Bill The outlook for tax reform is still uncertain, but this much seems clear: Tax rates are unlikely to go up in 2018, and there’s a good chance that they’ll go down for most taxpayers. That makes some year-end …

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November 1st, 2017 Newsletter

Nov 1, 2017 The 4 Best Tax Breaks for Savers If you regularly save money (whether for retirement or other purposes), you’ve made a smart financial choice. What’s more, the government wants to reward responsible people like you by offering these four great tax breaks just … Fox Business One Thing …

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Tax Q&A with Tom Umstattd, CPA

Sign up for this event on Meetup.Com! Tom Umstattd,CPA will be holding this Question & Answer session to answer your questions about federal income taxes, accounting, or any other tax questions you may have. If you run a growing business, this is a meetup you may not be able to afford …

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What is My Filing Status?

The below article is from the IRS. We thought it was helpful and decided to re-post it here  for your convenience. Issue Number:    IRS Tax Tip 2016-10 Inside This Issue: Choosing the Correct Filing Status It’s important to use the right filing status when you file your tax return. The status …

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Donate the clutter. Reduce your tax bill.

One man’s trash is another man’s treasure.  By Tom Umstattd, CPA There are many folks less blessed than we who would greatly appreciate the stuff in our garages & attics.  Or perhaps we have moved, lost or gained weight, or lost a beloved family member and still have some of their …

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Tax Discrimination against Car Donors

By Aaron Lerma, CPA February 10, 2016 If you’re thinking of donating your car to charity, consider the following: What’s Wrong? The organization that receives your car doesn’t usually want it; they want cash.  When they receive your car, they sell it quickly.  A quick sale generally means a bargain …

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A Section 105 Plan Can Save You Thousands

By Aaron Lerma, CPA February 10, 2016 Tax Benefits of a Section 105 Plan A Section 105 plan provides medical benefits to an employee by allowing the business to pay for the employee’s medical costs.  The payments are tax free to the employee.  They are also tax deductible by the …

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Tom speaks at May 2, 2015 PENCON

Tom Umstattd, CPA speaks to Authors and Editors with his son, Author and President of Castle Media Group, LLC Thomas Umstattd. They share the stage as they speak on a variety of subjects, such as how to open a bank account in the name of your business, what kind of deductions …

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