Individuals – Tax Credits Adoption Credit In 2017, a non-refundable (only those individuals with tax liability will benefit) credit of up to $13,570 is available for qualified adoption expenses for each eligible child. Earned Income Tax Credit For tax year
Welcome, 2017! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2017 is no different. From health savings accounts to tax rate schedules and standard deductions, here’s a
According to the IRS, families that pay domestic workers and meet a certain income threshold are considered employers. This has become an issue in the past for public figures that run for office or are appointed to a high-level cabinet
The 2017 tax filing season will be a challenging one for businesses and their CPAs. On top of the new Affordable Care Act (ACA) compliance requirements, the IRS has condensed its schedule and deadlines for filing W2s and certain types
Alternate Minimum Tax The Alternative Minimum Tax (AMT) exemption “patch,” which was made permanent by the American Taxpayer Relief Act (ATRA) of 2012, is indexed for inflation and it’s important not to overlook the effect of any year-end planning moves
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
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
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’
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
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
