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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Did you know that a name change could impact your taxes? Here’s what you need to know: 1. Report Name Changes. Did you get married and are now using your new spouse’s last name or hyphenate your last name? Did you divorce and go back to using your former last name? In either case, you
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Your taxes are more than a one-time-a-year endeavor, especially if you own a business. Running a business venture comes with additional tax due dates and the need to plan ahead to both meet those deadlines and ensure that you aren’t overpaying or underpaying with each filing. Failure to do so could jeopardize your business’ success
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The 2015 tax year has come and gone, and now is the time to prepare for 2016 taxes. One area that every taxpayers needs to address is making sure they have health insurance. This year, the penalties are set to increase significantly if you do not have a qualifying health plan. Under the Affordable Care Act of 2010 (a.k.a.
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Despite a flurry of last minute tax extenders passed in the December 2015 federal omnibus spending bill, the IRS opened tax filing season as planned on January 19. This means that the IRS is now accepting both electronic and paper tax returns as of that date. The tax filing deadline is a little different this
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The holidays are suddenly upon us and we are just days away from the close of another year. But although 2015 is almost in the history books, there are still some ways you can reduce your tax liability and improve your overall financial picture heading into the New Year. Here are five tax planning strategies
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The IRS recently announced cost of living (COLA) inflation adjustments for over 50 tax provisions, which include pension plans, tax rate schedules and other changes. Because food and fuel are no longer factored into the calculation, the inflation rate is still relatively low, triggering only minor COLA adjustments, with some areas of the tax code
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If you own a small business, it is likely one of your biggest (if not your biggest) asset. If you are thinking about selling your business, you need to put a lot of thought and pre-planning into the endeavor to ensure a smooth and successful transaction. There are numerous variables involved with a business sale
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