Energy Efficient Improvements and Tax Credit
Information provided by IRS.gov Taxpayers who made certain energy efficient improvements to their home last year may qualify for a tax credit this year. Here are some key facts to [...]
Valuation Professionals Give You a Better Shot at a Winning Deal
Merger and acquisition (M&A) transactions can be daunting endeavors for both buyers and sellers. That's why putting a financial expert proficient in valuation methods on your side, whichever side it [...]
Who can — and who should — take the American Opportunity credit?
If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, [...]
Operating a “Sale Ready” Business
Smart business owners always operate as if they're planning to sell — because they never know when someone will come along with an irresistible offer or when tragedy might strike. [...]
Self-Employment Tax Basics
For 2016, the maximum 15.3% self-employment (SE) tax rate hits the first $118,500 of net SE income. For 2017, the 15.3% rate hits the first $127,200 of net SE income. [...]
Self-Employment Tax Reduction Strategies for Spouse-Owned Businesses
If you own a profitable, unincorporated business with your spouse, you're probably fed up with high self-employment (SE) tax bills. An unincorporated business in which both spouses are active [...]
2016 IRA contributions — it’s not too late!
Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 [...]
Medical and Dental Expense
Information from IRS.gov Medical expenses can trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are some tips to know what qualifies as medical [...]
Mistakes to Avoid in Estate Planning
Sometimes people attempt to make an estate plan without consulting legal and financial professionals. Mostly this is because they may have a general understanding of estate planning and believe they [...]
When an elderly parent might qualify as your dependent
It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct [...]
Keeping Good Records is Good Business
Maintaining good records is important to help meet your tax and legal obligations. The right record-keeping system not only helps satisfy these obligations, but it may save you money and [...]
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 [...]