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
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
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
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
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,
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
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
In today’s digital age, an increasing number of Americans are working from home. Whether it is for to run a small business or to telecommute for an employer, the home office deduction is used by more taxpayers than ever before.
Fall is upon us and the start of a new school year is imminent. And with school comes the added expenses for clothing, supplies; and for college students, tuition, room and board and related expenses. Fortunately, there are some ways
The summer is over, fall is beginning, and it is time to get back into the normal routine. But what if you decided to do something different this fall? While the kids are in school, instead of coming home from
