14 year-end tax tips

The earlier the better when it comes to adopting a strategy to reduce your taxes. But even if time gets away from you, there are some year-end actions you can take to cut your taxes. Here are some last-minute tax cutters you might consider: 1. Review income and deductions. It’s all in the timing. The […]

Sharing Economy Now in IRS Spotlight

Did you know… 40% of the workers in the Sharing Economy are unaware of their tax responsibilities and over 60% of the service provider companies are not training their new workers on their tax responsibilities. Source: Written statement of Nina E. Olson, National Taxpayer Advocate given at the Hearing on “The Sharing Economy” to the […]

The Lost Art of Tracking Home Improvements

One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a taxable event. But what if the tax law is changed? What if […]

Tax planning is good for corporations too

If you own a calendar-year corporation, you can benefit from planning moves you make before December 31.  For example, corporations can accelerate or defer income or deductions to stay within a certain tax bracket.  You’ll also want to look at your corporate alternative minimum tax exposure to determine whether you qualify for an exception to […]

Business Tip: Don’t sell property; exchange it

A tax-deferred exchange is a tax planning technique which should be considered by any taxpayer that is relocating or disposing of property.  Often referred to as a “tax-free exchange,” the tax-deferred exchange allows you to exchange certain business or investment property for other “like-kind” business or investment property and pay no income taxes currently.  Your […]

Don’t overlook above-the-line deductions

Even if you don’t itemize deductions on your tax return, you may be entitled to certain “above-the-line” deductions.  These deductions are subtracted from your income to arrive at your adjusted gross income, an important number because it determines your qualification for certain tax credits and various tax breaks.  Above-the-line deductions include such things as IRA […]

Summer job tax tip

If your child has a summer job, consider opening an IRA for him or her.  According to the tax rules, anyone under age 70 1/2 who has earned income can contribute to a traditional IRA.  There’s no age restriction for Roth accounts, though the amount of the contribution phases out at higher income levels.  The […]

Midyear tax planning tip

Take time this summer to examine your investment portfolio for potential tax savings, such as selling stocks that are worth less than you paid to offset your capital gains.  You might also donate appreciated stock that you have held for more than one year to charity and avoid capital gains altogether – plus getting a […]

Business survey identifies taxes as biggest burden

In a survey of small businesses conducted by the National Small Business Association, 59% of respondents said taxes were more of an administrative burden than a financial one.  Most businesses put payroll taxes at the top of the list of taxes with the greatest administrative burden.  Payroll taxes also outranked other taxes, such as income, […]

Congress retroactively extends tax breaks for your 2014 Tax Return

In its final session of the year, Congress extended a long list of tax breaks that had expired, retroactive to the beginning of 2014.  But the reprieve is only temporary.   The extensions granted in the Tax Increase Prevention Act of 2014 remain in effect through December 31, 2014.  For these tax breaks to survive beyond […]