If you’ve invested any time building a solid relationship with your CPA and now they are becoming a retired CPA, the chances are that you may find yourself a bit overwhelmed when he or she moves on. Starting over with a new CPA can be a daunting prospect if you’ve grown comfortable with one individual’s style of working. While you search for a new CPA because you were left with … Read more
If you moved for work, you might be able to deduct some costs on your 2017 tax return. Even if you don’t itemize deductions. (Or, if your employer reimbursed you for moving expenses, that reimbursement might be excludable from your income.) The bad news is that, if you move in 2018, the costs likely won’t be deductible. Any employer reimbursements will probably be included in your taxable income. Suspension for … Read more
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January 31 February 28 File 2017 Forms 1099-MISC with the IRS if 1) they’re not required … Read more
Start now thinking about “bunching” — miscellaneous itemized deductions Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this “floor.” So now is a good time to add up your potential deductions to date to see if bunching is a smart … Read more
3 methods for tax-intelligent giving: Estate Tax Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with proper estate planning strategies in place). Even if your estate tax isn’t large enough … Read more
How many employees does your business employee for ACA purposes? It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated. The number of workers you employ determines whether your organization is an applicable large employer (ALE). Just because your business isn’t an ALE one year doesn’t mean it won’t be the … Read more
Save huge on taxes signing up for Summer day camp Although the kids might still be in school for a few more weeks, summer day camp is rapidly approaching for many families. If yours is among them, did you know that sending your child to day camp might make you eligible for a tax credit? The power of tax credits. Day camp (but not overnight camp) is a qualified expense … Read more
Putting your home on the market? Understand the tax consequences of a sale As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the market. After all, in many locales, summer is the best time of year to sell a home. But it’s important to think not only about the potential … Read more
Why it’s time to start tax planning for 2016 Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016. More opportunities. A tremendous number of variables affect your overall tax liability for the year. Starting to … Read more
