Home/Tax Planning

Art, Antiques & Collectibles – Plan To Maximize Tax Benefits

By | 2017-08-10T22:18:20+00:00 August 9th, 2017|Tax Planning|

Art, antiques and collectibles are mentioned in portions of the Internal Revenue Code, usually with more stringent rules surrounding them. Note that by donating the same piece of art instead of selling it, you would remove the 28% capital gains tax and you would receive an income tax deduction for the appraised value of the art.

Avoid Summer Scams from IRS Impersonators

By | 2017-07-27T19:40:43+00:00 July 20th, 2017|Tax Planning|

This summer, the IRS issued new warnings that scams using the IRS as a lure continue. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal [...]

Company Car Perk: Address the Tax Complexities

By | 2017-05-24T13:42:01+00:00 April 26th, 2017|Tax Planning|

The perk of a company car isn't entirely "free" for employees. Generally, employees are taxed on the personal value of this fringe benefit, subject to certain special rules and annual limits. Significantly, the IRS recently announced the 2017 thresholds applicable for valuations of vehicles. Background Information An employer that provides taxable fringe benefits to employees is [...]

Tax Implications When Retiring to a Different State

By | 2017-05-24T13:42:01+00:00 April 24th, 2017|Tax Planning, Uncategorized|

When you retire, you may consider moving to another state — say, for the weather or to be closer to loved ones. State taxes also may factor into the equation. Here's what you need to know about establishing residency for state tax purposes — and why the process may be more complicated than it initially [...]

9 IRA Tax Tips for the 2016 Tax Year

By | 2017-05-24T13:42:02+00:00 March 15th, 2017|Tax Planning|

Taxpayers often have questions about Individual Retirement Arrangements, or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules. The IRS offers the following tax tips on IRAs: Age Rules. Taxpayers must be under age 70½ at the end of the tax year to [...]

What to do when you receive a letter from the IRS

By | 2017-05-24T13:42:02+00:00 March 2nd, 2017|Tax Planning|

Do you know what to do when you receive a letter from the IRS?  Your first reaction may be to panic, but your letter is most likely one of millions that the IRS sends to taxpayers every year.  So, wipe the perspiration from your forehead, take a deep breath, and calm the shaky hands. The [...]

5 tax planning considerations during the Trump administration

By | 2017-05-24T13:42:03+00:00 February 17th, 2017|News, Tax Planning|

There is a lot of speculation about how tax law may change with the new administration being very vocal about the need for tax reduction. Most agree that changes are coming, the question is if any changes will take effect retroactively to cover the 2017 year, or if 2018 would be the target start date. [...]

Tech Company Tax and Accounting Considerations

By | 2017-05-24T13:42:03+00:00 January 17th, 2017|Tax Planning|

If you run a technology business, you are aware of the high demands inherent in such a fast-paced field.  The need to stay ahead of the competition demands forethought and innovation like no other industry. But have you considered your success may depend on more than having the best product. Most high-technology businesses begin as [...]

Business Tax Return Due Dates Changing

By | 2017-05-24T13:42:03+00:00 January 9th, 2017|Tax Planning|

 Corporations and partnerships will have different due dates for their income tax returns starting for the 2016 year. Here is what you need to know. Earlier Due Dates for 2016 Partnership and LLC Returns Partnership federal income tax returns, filed on Form 1065, had been due three and a half months after the end of [...]

New Due Dates for 1099-MISC and W-2

By | 2017-05-24T13:42:03+00:00 January 6th, 2017|Tax Planning|

Businesses should be aware of new due dates for filing Forms 1099-MISC for their independent contractors, and employee W-2 forms. Previously, businesses had until the end of February to file these 1099s and W-2s with the IRS and the Social Security Administration (or by March 31 if filed electronically). Now, the due dates have been [...]

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