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With the midterm elections now behind us and control of the U.S. Senate set to shift parties in January, it’s time to revisit the valuable tax breaks that expired at [...]

Information courtesy of IRS   The Internal Revenue Service announced on October 30, 2014 annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other [...]

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 [...]

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 [...]

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. [...]

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 [...]

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, [...]

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 [...]

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 [...]

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 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 [...]

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 [...]

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 [...]

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 [...]

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 [...]