Tax Rules for Stock Options
The tax rules for incentive stock options (ISO) are complex. Using an example will help to understand the tax treatment of ISO.
Mortgage Interest Deduction for Unmarried Couples
Last year’s decision by the U.S. Court of Appeals has created new tax planning opportunities for unmarried couples. The IRS position had been that mortgage interest limitations apply on a per-residence basis, but the Appeals Court rejected the IRS view, ruling that the debt limit provisions should be applied on a per-taxpayer basis for unmarried [...]
The Cost of Olympic Gold
As the world is struck by Olympic fever, we stand in awe of the commitment these athletes have made to become the best of the best. Have you ever wondered, is that Olympic gold medal taxable? The medal is considered a prize, and the U.S. taxes the value of prizes. Some may think paying tax [...]
Preparing for the Cadillac Tax on High Cost Health Plans
News stories recently have been mentioning a new Cadillac Tax, but it’s not a tax on cars. The Cadillac tax is the Affordable Care Act’s tax on high cost health plans, which is set to start in 2018. The tax targets so-called Cadillac health plans, which are plans with the most generous level of benefits [...]
10 Ways to Prepare for Retirement at Any Age
When should you start planning for retirement? Many people start saving in their 20’s but it is never too early or too late to start. Fortunately the tax law provides subsidies to help people save for retirement. Below are 10 ideas for you to consider as you are either starting your journey, towards the end, [...]
A Cautionary Tale…Business vs. Personal Travel
Bringing family or friends along on a business trip and extending your stay can be an excellent way to fund a portion of your vacation costs and save taxes. But if you’re not careful, you could lose the tax benefits. Generally, if the primary purpose of your trip is business, then expenses directly attributable to [...]
2014 Key Tax Deadline Dates
At GS, we keep our clients apprised of their tax deadlines. However, it is always good to understand when some key deadlines occur. Please contact your tax advisor if you have any questions about the deadlines listed below or if you would like assistance in meeting them. January 10 Individuals: Reporting December 2013 tip [...]
Now is the Time for Gift and Estate Planning
With the holiday season here, many people are thinking about estate planning and making year-end gifts to family members. Last year, taxpayers scrambled to make last-minute asset transfers in case the historically generous gift and estate tax exemptions expired or rates skyrocketed. This year, taxpayers face a calmer estate planning landscape because Congress passed a [...]
Year-end Tax Cutting Opportunities
There is still time to consider tax moves that could reduce your business taxes for 2013. Create a Retirement Plan It’s not too late to create a retirement plan for yourself and your employees if you have them. The plans can be simple to set up and maintain, such as a Simplified Employee Pension (SEP) [...]
Art and Investing
Shareholder, Kevin Yardumian was recently interviewed and cited as an accounting specialist in a CNBC/USA Today article about art and investing. The article titled, “Art, antiques investing is for the long haul,” discusses why someone might want to purchase art as an investment and what should be considered when investing in art, such as having [...]
