Trump’s FY 2018 budget outlines tax reform proposals
Since taking office in January, President Trump has called for
comprehensive tax reform. The President’s recently released fiscal
year (FY) 2018 outlines some of his key tax reform principles. A...
Debate over health care and taxes moves to Senate
The future of the Affordable Care Act and its associated taxes has
moved to the Senate following passage of the American Health Care
Act (AHCA) in the House in April. Traditionally, legislation moves
...
Business meals and entertainment: how to maximize tax deductions
Many businesses consider the occasional wining and dining of
customers and clients just to stay in touch with them to be a
necessary cost of doing business. The same goes for taking business
associate...
How do I? Safeguard tax benefits against natural disasters
As “hurricane season” officially begins, the IRS has released a
number a tax tips, reminders and other advice to help taxpayers
weather the storm of natural disasters and similar emergenci...
FAQ: What are passive losses?
Individuals, trusts, estates, personal service corporations and
closely held C corporations may only deduct passive activities
losses from passive activity income. The rules do not apply to S
corporat...
June 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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