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20 December 2016

Preparing Businesses for the New Overtime Rules

Last May, the Department of Labor unveiled new overtime rules lowering the threshold for white collar employees to be eligible to receive time and a half for working over 40 hours in a week. These changes are set to take effect December 1, which is now only a couple months away. What are the New

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Year End Tax Planning Tip #4

Charitable Contributions Property, as well as money, can be donated to a charity. You can generally take a deduction for the fair market value of the property; however, for certain property, the deduction is limited to your cost basis. While you can also donate your services to charity, you may not deduct the value of

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Year End Tax Planning BUSINESS Tip #2

Other Year-End Moves to Take Advantage Of Small Business Health Care Tax Credit. Small business employers with 25 or fewer full-time-equivalent employees (average annual wages of $52,000 in 2016) may qualify for a tax credit to help pay for employees’ health insurance. The credit is 50 percent (35 percent for non-profits). Business Energy Investment Tax

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Year End Tax Planning Tip #3

Investment Gains and Losses This year, and in the coming years, investment decisions are likely to be more about managing capital gains than about minimizing taxes per se. For example, taxpayers below threshold amounts in 2016 might want to take gains; whereas taxpayers above threshold amounts might want to take losses. Caution: In recent years,

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Year End Planning for BUSINESS Tip #1

There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2016. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2017 by delaying end-of-year invoices so payment is not received until 2017. Businesses using

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Year End Tax Panning Tip #2

Accelerating Income and Deductions Accelerating income into 2016 is an especially good idea for taxpayers who anticipate being in a higher tax bracket next year or whose earnings are close to threshold amounts ($200,000 for single filers and $250,000 for married filing jointly) that make them liable for additional Medicare Tax or Net Investment Income

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