Disaster relief, tax reform on Congress’ September agenda
As lawmakers return to work after their August recess, Hurricane
Harvey has increased expectations on Congress to quickly pass
disaster-relief tax breaks. September is also expected to bring
Congressi...
Don’t overlook child-related deductions and credits
Parents incur a variety of expenses associated with children. As a
general rule, personal expenditures are not deductible. However,
there are several deductions and credits that help defray some of
th...
Courts Loosen Up On Conservation Easement Rules
Two recent court cases indicate that, although use of a
conservation easement to gain a charitable deduction must continue
to be arranged with care, some flexibility in determining ultimate
deductibil...
How do I? Distinguish partnerships from other arrangements
A partnership is created when persons join together with the intent
to conduct unincorporated venture and share profits. Intent is
determined from facts and circumstances, including the division of
pr...
FAQ: What is “assignment of income” under the tax law?
Gross income is taxed to the individual who earns it or to owner of
property that generates the income. Under the so-called “assignment
of income doctrine,” a taxpayer may not avoid tax by...
September 2017 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important federal tax reporting and filing data for
ind...
FAQ: What is a cost-segregation study of business assets?
Taxpayers using real estate in their business often can generate
significant tax savings and increase cash flow by using the
technique of cost segregation. Cost segregation is the
identification and s...
How Do I? Gather the right paperwork for a charitable deduction
Taxpayers must generally provide documentation to support (or to
“substantiate”) a claim for any contributions made to charity that
they are planning to deduct from their income. Assuming ...
February 2014 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
Higher-income taxpayers brace for higher tax bill with 2013 returns
Many higher-income taxpayers will be in for a big surprise when
they finally tally up their 2013 tax bill before April 15th. The
higher amount of taxes that may be owed will be the result of the
combi...
How do I?... use the 2014 standard mileage rates?
Taxpayers who use their automobiles for business or the production
of income can deduct their actual expenses for use of an automobile
(including the use of vans, pickups, and panel trucks) that the
t...
January 2014 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
Year-end developments impact 2014 filing season
Tax season is scheduled to begin shortly and, as in past years,
there are some possible glitches to be mindful of. Already, the IRS
has alerted taxpayers that the start of filing season will be
delaye...
How do I? Time year-end bonuses for tax purposes
Taxpayers generally prefer to accelerate deductions to reduce their
current year income and taxes. In some situations, the tax code's
accounting rules allow an accrual-basis employer to deduct a
year-...
FAQs: How do I time a year-end stock sale?
Stock held by an investor is a capital asset under the tax law.
Gain from the sale of stock held for more than a year qualifies as
long-term capital gain, taxed at a reduced rate (zero, 15 or 20
perce...
FAQ: What is the kiddie tax?
A child with earned income above a certain level is generally
required to file a separate tax return as a single taxpayer.
However, a child with a certain amount of unearned income (from
investments, ...
FAQ: What can I deduct doing volunteer work for a charity?
For many individuals, volunteering for a charitable organization is
a very emotionally rewarding experience. In some cases, your
volunteer activities may also qualify for certain federal tax
breaks. A...
IRS steps up guidance under Health Care Law as 2014 mandates loom
The government continues to push out guidance under the Patient
Protection and Affordable Care Act (PPACA). Several major
provisions of the law take effect January 1, 2014, including the
employer mand...
FAQ: How are vacation homes taxed?
Vacation homes offer owners many tax breaks similar to those for
primary residences. Vacation homes also offer owners the
opportunity to earn tax-advantaged and even tax-free income from a
certain lev...
How do I? Compute the small business health insurance credit
Under the Patient Protection and Affordable Care Act (PPACA), small
employers can claim a credit for providing health insurance for
employees and their families. Health insurance includes not only
bas...
Last-minute strategies for year-end tax savings
2009 is quickly coming to a close but there is still time to
possibly maximize your federal tax savings for the year. Many
year-end tax planning techniques can help you save money. Because
of the rece...
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