Social Security Benefits. Are they Taxable?
Many taxpayers receiving Social Security benefits may be wondering if this income is taxable. If you receive Social Security benefits, then you may have to pay federal income tax on [...]
Do you need to file a 2016 gift tax return by April 18?
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 [...]
Business Sale Readiness Assessment
Are you ready to sale your business? Follow the link below to take our Business Sale Readiness Assessment. https://www.surveymonkey.com/r/PZ99SBT
What you need to know about the tax treatment of ISOs
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. [...]
Retirement Plans and Early Withdrawals
Information from irs.gov An early withdrawal from your retirement plan may trigger an additional tax on top of income tax taxpayers may have to pay. Know the following when considering [...]
The “manufacturers’ deduction” isn’t just for manufacturers
The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by [...]
Have a tax refund coming your way? Choose Direct Deposit
Information from irs.gov The best way to get your tax refund is via direct deposit. Here's why: Fast. By having your income tax return electronically filed by your tax preparer [...]
The investment interest expense deduction: Less beneficial than you might think
Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and [...]
Deduction for state and local sales tax benefits some, but not all, taxpayers
The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “permanent” a little over a [...]
Self-Employment and Tax Responsibility
Information from irs.gov The IRS offers the following information regarding self-employment and your tax obligations. Keep in mind, as a self-employed individual, generally you are required to file an annual [...]
Few changes to retirement plan contribution limits for 2017
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 [...]
2017 Q1 tax calendar: Key Deadlines for Businesses and other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may [...]
2017 Rates for Business, Medical and Moving Announced by IRS
Information provided by: irs.gov The Internal Revenue Service has issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical [...]
Want to save for education? Make 2016 ESA contributions by December 31
There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the [...]
Travel and Entertainment Expense Reporting
If you're reporting travel and entertainment (T&E) expenses on your tax return and you're audited, there's a good chance an agent will take a hard look at those items. Often [...]