Tangible property safe harbors help maximize deductions
If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax [...]
Deduct all of the mileage you’re entitled to — but not more
Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a [...]
Beyond Your IRAs
Different rules and conditions may apply to RMDs from inherited accounts and your qualified employer-sponsored retirement plans, including: 401(k) plans, 403(b) plans, 457(b) plans, Profit sharing plans, and Other defined [...]
Remember RMDs this Tax Season
Did you know that, once you turn age 70½, you must start taking mandatory annual withdrawals from your traditional IRAs, including any simplified employee pension (SEP) accounts and SIMPLE IRAs [...]
Child Tax Credit Facts
Information from irs.gov The IRS states that the Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make [...]
Social Security Benefits. Are they Taxable?
Many taxpayers receiving Social Security benefits may be wondering if this income is taxable. If you receive Social Security benefits, then you may have to pay federal income tax on [...]
Do you need to file a 2016 gift tax return by April 18?
Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved [...]
Business Sale Readiness Assessment
Are you ready to sale your business? Follow the link below to take our Business Sale Readiness Assessment. https://www.surveymonkey.com/r/PZ99SBT
What you need to know about the tax treatment of ISOs
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. [...]
Retirement Plans and Early Withdrawals
Information from irs.gov An early withdrawal from your retirement plan may trigger an additional tax on top of income tax taxpayers may have to pay. Know the following when considering [...]
The “manufacturers’ deduction” isn’t just for manufacturers
The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by [...]
Have a tax refund coming your way? Choose Direct Deposit
Information from irs.gov The best way to get your tax refund is via direct deposit. Here's why: Fast. By having your income tax return electronically filed by your tax preparer [...]
The investment interest expense deduction: Less beneficial than you might think
Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and [...]
Deduction for state and local sales tax benefits some, but not all, taxpayers
The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “permanent” a little over a [...]
Self-Employment and Tax Responsibility
Information from irs.gov The IRS offers the following information regarding self-employment and your tax obligations. Keep in mind, as a self-employed individual, generally you are required to file an annual [...]