/Tag: Year-end tax Planning

Are you qualified to take the qualified business income (QBI) deduction?

By |2020-12-17T22:46:42+00:00December 17th, 2020|Categories: COVID 19, Estate & Trusts, Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , |

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships, and S corporations, as well [...]

Depreciation tax savers for small businesses

By |2020-12-02T17:09:34+00:00December 2nd, 2020|Categories: COVID 19, Tax Cuts and Jobs Act, Tax Planning|Tags: , , , , , |

The Section 179 deduction provides a tax benefit to businesses, enabling them to claim immediate deductions for qualified assets, instead of depreciating them over time. Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take advantage of the Section 179 deduction and bonus depreciation.

Give Back and Save on Taxes with Charitable Contributions

By |2017-12-12T00:01:08+00:00December 12th, 2017|Categories: Tax Planning|Tags: , , , , |

As the holiday season approaches, you may be thinking about making some charitable contributions. Be sure to do so before the end of the year in order to maximize the potential tax breaks. Here's a rundown of the potential tax benefits for your generosity: Itemized Deductions You can claim write-offs for contributions of cash and other [...]

Year-End Giving Tips from IRS

By |2017-05-24T13:42:13+00:00December 7th, 2015|Categories: Tax Planning|Tags: , , , , |

To deduct any charitable donation of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Bank records include canceled checks, bank or credit union statements, and credit card statements. Bank or credit union statements should show the name of the charity, the date, and the amount paid. Credit card statements should show the name of the charity, the date, amount paid, and the transaction posting date.

Year-end Tax Planning for Individuals

By |2017-05-24T13:42:22+00:00November 12th, 2014|Categories: Tax Planning|Tags: , , , |

Like businesses, individuals often can reduce their tax bills by deferring income and accelerating deductions. To defer income, for example, you might ask your employer to pay your year end bonus in early 2015. And to accelerate deductions, you might pay certain property taxes early or increase your IRA or qualified retirement plan contributions to the extent that they’ll be deductible. Such contributions also provide some planning flexibility because you can make 2014 contributions to IRAs, and certain other retirement plans, after the end of the year.

Year-end Tax Planning for Businesses

By |2017-05-24T13:42:22+00:00November 10th, 2014|Categories: Business Advice, Tax Planning|Tags: , , , , |

Fifty-seven provisions expired at the end of 2013 and six more are scheduled to expire at the end of 2014. Congress may extend many of these provisions (in some cases retroactively to the beginning of 2014), but that likely won’t happen until after the midterm elections on Nov. 4 — and perhaps not for a month or more after that date. In the meantime, there are many year end tax planning strategies for businesses and individuals that are available now. Others won’t take shape until after Congress acts.

Business Succession Planning at Year End

By |2017-05-24T13:42:30+00:00December 30th, 2013|Categories: Articles, Business Advice, Succession Planning|Tags: , , , , , , , |

Year end is a time of planning for many business owners. Right now, your borrowers are strategizing about ways to grow, minimize tax and budget for the year ahead. An important part of this process is succession planning and preparing the next generation of management for what lies ahead. You, of course, have a vested [...]

Year-End Giving Tips from the IRS

By |2017-05-24T13:42:30+00:00December 23rd, 2013|Categories: Articles, Tax Planning|Tags: , , , , , , |

Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following:   Special Tax-Free Charitable Distributions for Certain IRA Owners This provision, currently scheduled to expire at the end of 2013, offers older owners of individual [...]

Now is the Time for Gift and Estate Planning

By |2017-05-24T13:42:30+00:00December 11th, 2013|Categories: Articles, Estate & Trusts, Succession Planning|Tags: , , , , , |

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

By |2017-05-24T13:42:31+00:00November 18th, 2013|Categories: Articles, Business Advice, Tax Planning|Tags: , , , , , , , |

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) [...]

Show Buttons
Hide Buttons