Help prevent tax identity theft by filing early

Post Date: May 30, 2016

If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 18 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until...

2017 Q1 tax calendar: Key deadlines for businesses and other employers

Post Date: May 30, 2016

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all...

Few changes to retirement plan contribution limits for 2017

Post Date: May 30, 2016

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to defined contribution plans, which has gone up by $1,000....

Want to save for education? Make 2016 ESA contributions by December 31

Post Date: May 30, 2016

There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the opportunity will be lost forever. We’re talking about Coverdell Education Savings Accounts (ESAs). How...

Why making annual exclusion gifts before year end can still be a good idea

Post Date: May 30, 2016

A tried-and-true estate planning strategy is to make tax-free gifts to loved ones during life, because it reduces potential estate tax at death. There are many ways to make tax-free gifts, but one of the simplest is to take advantage of the annual gift...

Can you pay bonuses in 2017 but deduct them this year?

Post Date: May 30, 2016

You may be aware of the rule that allows businesses to deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after the end of that year (by March 15 for a calendar-year company). But this favorable...

Ensure your year-end donations will be deductible on your 2016 return

Post Date: May 30, 2016

Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. To ensure your donations will be deductible on your 2016 return,...

There’s still time to benefit on your 2016 tax bill by buying business assets

Post Date: May 30, 2016

In order to take advantage of two important depreciation tax breaks for business assets, you must place the assets in service by the end of the tax year. So you still have time to act for 2016. Section 179 deduction The Sec. 179 deduction...

Accelerating your property tax deduction to reduce your 2016 tax bill

Post Date: May 30, 2016

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subject to the alternative minimum tax (AMT) in the current year, accelerating deductible expenses into the current year typically is a...

A quick look at the President-elect’s tax plan for businesses

Post Date: May 30, 2016

The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released earlier this year that would affect businesses include: Reducing the top corporate income tax...