If you’re looking to reduce your 2014 tax bill, you may want to consider purchasing a business vehicle before year end. Business-related purchases of new or used vehicles may be [...]
Information found on IRS.gov If you enrolled in insurance coverage via the Health Insurance Marketplace, you must report changes to the Marketplace, such as changes to your household income or family size. Changes may [...]
Information courtesy of IRS 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 [...]
The long-term capital gains rate is 0% for gain that would be taxed at 10% or 15% based on the taxpayer’s ordinary-income rate. If you have loved ones in the [...]
Assets or investments...Do you take your cost basis into account when you sell an asset or investment? Your cost basis, or the amount you originally paid for it, is subtracted [...]
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 [...]