Articles & newsletters

January 30, 2018

Take a look at the domestic production activities deduction

The domestic production activities deduction (DPAD) provides a tax break for certain “domestic production activities.” Unfortunately, many businesses tend to overlook this valuable tax break because they believe it’s applicable only to certain industries. In fact, the deduction remains available to a wide range of businesses for the 2017 tax year. Significant benefits Calculating the … Continue reading Take a look at the domestic production activities deduction

Making 2017 retirement plan contributions in 2018

The clock is ticking down to the tax filing deadline. The good news is that you still may be able to save on your impending 2017 tax bill by making contributions to certain retirement plans. For example, if you qualify, you can make a deductible contribution to a traditional IRA right up until the April … Continue reading Making 2017 retirement plan contributions in 2018

Do you know the tax impact of your collectibles?

They say one person’s trash is another person’s treasure. This may hold true when it comes to collectibles — those various objets d’art for which many people will pay good money. But if you’re considering selling or donating some of your precious items, be sure to consider the tax impact on your 2017 return. Sales The IRS … Continue reading Do you know the tax impact of your collectibles?

When an elderly parent might qualify as your dependent

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for an adult-dependent exemption to deduct up to $4,050 for each person claimed on your 2017 return. Basic qualifications For you to qualify for the adult-dependent exemption, in most cases your parent must have less … Continue reading When an elderly parent might qualify as your dependent

December 28, 2017

Still important: The tax impact of business travel

With conference calls and Web meetings increasingly prevalent, business travel isn’t what it used to be. But if your company is still sending employees out on the road, it remains important to understand the tax ramifications. Fringe benefits Generally, for federal tax purposes, a company may deduct all ordinary and necessary expenses paid or incurred … Continue reading Still important: The tax impact of business travel

Help prevent tax identity theft by filing early

If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 17 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 15. But there’s another date you should keep in mind: … Continue reading Help prevent tax identity theft by filing early

Owner-employees need to stay up to speed on employment taxes

Keeping up with the complexity of the Internal Revenue Code is challenging for an individual and even more so for a business owner. But, if you’re someone who handles both roles — an owner-employee — the difficulty level is particularly high. Nonetheless, it’s important to stay up to speed on your specific obligations. As you’re … Continue reading Owner-employees need to stay up to speed on employment taxes

4 financial planning tips for second marriages

Every year, a substantial percentage of weddings aren’t first-time nuptials but second (or subsequent) marriages. Here are four tips to help such partners better manage the situation: Take inventory. Identify the assets and liabilities each person brings to the union. If one spouse has significant debt, how will the couple manage it? Or if one spouse … Continue reading 4 financial planning tips for second marriages

Tax calendar

January 16 — Individual taxpayers’ final 2016 estimated tax payment is due. January 31 — File 2017 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to your employees. File 2017 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments in box 7 with the IRS and provide copies to recipients. Most employers … Continue reading Tax calendar

November 28, 2017

Educate employees on required minimum distribution rules

The deadline for taking 2017 required minimum distributions (RMDs) is rapidly approaching: December 31, 2017. If you own a business and offer a 401(k) plan, it’s a good time to think about how you can make sure your older employees are aware of the RMD obligations, including how the rules differ for IRAs vs. 401(k) plans. IRAs … Continue reading Educate employees on required minimum distribution rules