New Tax Tips Affecting 2020
New Tax Tips Affecting 2020 Read More »
Tax Planning
Haven’t Filed Past Returns? IRS May File One for You and It Won’t Be Pretty
There are millions of individuals who do not file a tax return each year, many of them simply because their income is below the filing threshold levels for the year based upon their filing status. Still others simply procrastinate and risk forfeiting their rightful refunds, including earned income tax credits, child tax credits, tuition credits
Haven’t Filed Past Returns? IRS May File One for You and It Won’t Be Pretty Read More »
Should You Really Wait to File your Taxes Even Though They moved the Tax Filing Deadline?
The IRS decided to use its authority in a national emergency to postpone certain tax return filings and payments. This change affects every one of you, and the rules are tricky—after all, this is tax law. We’ll explain who gets relief; what the IRS postponed; and perhaps more important, what wasn’t postponed. We’ll also tell
Filing an Amended Return
What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended tax return.
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Tax Consequences of Crowdfunding in Accounting
Accounting: Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it’s often possible to raise the cash you need but the downside is that the IRS considers that money
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Could you benefit from a 1040 Tax Review?
WHAT CAN A 1040 REVIEW DO FOR YOU? Get a picture of your current tax situation and receive professional advice and suggestions that you can make to brighten your financial future and pay less taxes! Help reduce taxable income and lower your marginal tax rate Learn to use tax deferral vehicles Increase our tax
Could you benefit from a 1040 Tax Review? Read More »
Year End Tax Planning Tip #5
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 on the AMT for 2016 and 2017. Items that may affect AMT include deductions for
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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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