As we near the end of 2018, now is a great time to analyze the mutual fund holdings in your taxable accounts and take steps to avoid potential tax snares. Here are some helpful ideas for you to keep in mind. Understand your capital gains Capital gains are unavoidable on mutual funds by merely holding on to the shares. Near the end of the year, funds typically distribute all, or … Read more
Is your computer desktop filled with digital tax-related files that you do not know what to do with? Or are you finding your office filled with years’ worth of copies of tax documents, tax returns, receipts, canceled checks and other financial records? Although you may be tempted to get rid of everything after filing your 2017 income tax return. Here are some best practices to keep in mind. General tax document rule … Read more
Although we are coming to an end with the April 15th tax deadlines (actually was moved to April 18th this year due to IRS system issues). There are other key dates to keep in mind. Here is a list of general important tax-related forms, payments and other actions due. Please note that this list does not have all deadlines. Just the most commonly followed, so there may be other deadlines … Read more
During the busy tax-filing season it can be easy to forget about other important tax-related deadlines for your business. It is critical to have either a personal accountant or a designated person that helps manage the business tax payments that are due quarterly through the year. Staying up-to-date and making those estimated payments will help alleviate your business tax bill at the end of the year. Q2 Tax Deadlines April … Read more
Home-related deductions are some of the most common savings on taxes each year. If you own a home, you are eligible for several tax breaks when you file your 2017 return. Here’s how you should be taking advantage of these savings for the 2017 tax year. Home-related tax breaks for 2017 vs. 2018: Property tax deduction. For 2017, property tax is generally fully deductible. Unless you’re subject to the alternative minimum … Read more
If you suffered damage to your home or personal property last year. You may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction. Except for losses due to an event officially declared a disaster by the President. What is a casualty? It’s a sudden, unexpected or unusual event, such as a natural disaster … Read more
Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight. But dropping your return in a mailbox on the 18th may not be sufficient. An example Let’s say you mail your return with a payment on April 18, but … Read more
Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT). Mortgage interest deduction. You generally can deduct interest on up to a combined total of $1 million of mortgage debt incurred to purchase, build or improve your … Read more
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 ones with some helpful financial support. Regardless of the reason for making a gift, it’s important to know under what circumstances you’re required to file a gift tax return. Some transfers require a return even if you don’t owe tax. … Read more
