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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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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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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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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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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Tax planning strategies for individuals this year include postponing income and accelerating deductions, as well as careful consideration of timing related investments, charitable gifts, and retirement planning. General tax planning strategies that taxpayers might consider include the following: Sell any investments on which you have a gain or loss this year. For more on this,
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Over the past two decades, the IRS has twice employed private debt collectors to aid the agency in pursuing delinquent tax debts. Both of the previous partnerships were ended when it was determined that the projects were ineffective. The authority for the latest round of private collections was laid out in the Fixing America’s Surface
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Tax filing season has been over for several months, but that has not stopped the scammers from trying to fraudulently impersonate the IRS. In fact, during the summer, the IRS reported a surge in phone-related scams, and in late September, they sent a consumer alert warning that there has been a surge in email, phishing
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2016 is winding down to a close, and we have just a few months left before we ring in the New Year. With most of this year gone, it may seem like there is little you can do to lower your taxes for filing season next year. There are some strategies, which can still be implemented, however, even
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If you are getting married in the near future, you have a lot of planning to do. Choosing your venue, your wedding song, the flowers and the attire are all very important. But after the wedding is over, you and your spouse have other things you need to plan for, and one of them is
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