Timing business income and expenses to your tax advantage
Typically, it’s better to defer tax. Here are two timing strategies that can help businesses do this: Defer income to next year. If your business uses the cash method of [...]
MANY RETIREMENT PLAN DOLLAR LIMITS ARE CHANGED FOR 2015
The IRS has announced the 2015 cost-of-living adjustments (COLAs) for retirement plans. Many of the limits pertaining to pension and other retirement plans, which are adjusted by reference to Code [...]
Be aware of Identity Theft
Information courtesy of IRS Identity theft is one of the fastest growing crimes nationwide, and refund fraud caused by identity theft is one of the biggest challenges facing the IRS. [...]
AMT triggers could boost your tax bill if you’re not careful
A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer — and in some cases permanently reduce — your taxes. But there [...]
Self-employed? Save more by setting up your own retirement plan
If you’re self-employed, you may be able to set up a retirement plan that allows you to make much larger contributions than you could make as an employee. For example, [...]
Small Employers Should Check Out the Health Care Tax Credit
Information Courtesy of the IRS New and existing small employers who do not yet benefit from the Small Business Health Care Tax Credit should look into whether the credit can [...]
Donating appreciated stock can offer substantial tax benefits
Are you planning to make charitable donations before year end? Do you own appreciated stock that you’d like to sell, but you’re concerned about the tax hit? Then consider donating [...]
Maximizing depreciation deductions in an uncertain tax environment
For assets with a useful life of more than one year, businesses generally must depreciate the cost over a period of years. Special breaks are available in some circumstances, but [...]
Tax Planning
Tax planning is a good tool for arranging your financial affairs to minimizing your taxes. There are four basic ways to reduce your taxes: reduce your income, increase deductions, take advantage of [...]
Watch out for the Wash Sale Rule
If you’ve cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those investments before year end to offset your gains. This can [...]
Careful tax planning critical for RSUs — and other stock-based compensation
If you’re an executive or other key employee, you might be compensated with more than just salary, fringe benefits and bonuses: You might also be awarded stock-based compensation, such as [...]
Protect yourself from underpayment penalties
You can be subject to penalties if you don’t pay enough tax during the year through estimated tax payments and withholding. Here are some strategies to protect yourself: Know the [...]
Facts about 401K’s
How much you can contribute Workers can contribute up to $17,500 to a 401k in 2014, an amount that is adjusted annually for inflation. Employees age 50 and older can [...]
Make a Mistake? Amend Your Tax Return
Info courtesy of IRS.gov Don’t worry if you made a mistake on your tax return or forgot to claim a tax credit or deduction. You can fix it by filing [...]
Is your business ready for play-or-pay?
If you’re a “large” employer, time is running out to prepare for the Affordable Care Act’s (ACA’s) shared responsibility provision, commonly referred to as “play-or-pay.” It’s scheduled to go into [...]