Memorial Day IRS Mix-Up, Payroll Tax Notices

The IRS recently announced that it erroneously sent out notices indicating taxpayers made late deposits of employment taxes that were due around Memorial Day, 2016. Since the Memorial Day holiday was observed on May 30, [...]

August 11th, 2016|Tax|

Don’t Roll the Dice With Your Taxes if You Gamble This Year

For anyone who takes a spin at roulette, cries out “Bingo!” or engages in other wagering activities, it’s important to be familiar with the applicable tax rules. Otherwise, you could be putting yourself at risk [...]

August 9th, 2016|Tax|

Tax Exemption of Municipal Bond Interest

The Tax Foundation recently released an article urging the reexamination of the municipal bond interest exemption for federal income tax purposes. Under the current U.S. tax code, interest on state and local bonds is [...]

August 4th, 2016|Tax|

Should You Make a “Charitable IRA Rollover” in 2016?

Last year a break valued by many charitably inclined retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your [...]

August 3rd, 2016|Tax, Uncategorized|

To Deduct Business Losses, You May Have to Prove “Material Participation”

You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are generally “passive” and can only be used to offset income [...]

July 25th, 2016|Tax|

There’s Still Time for Homeowners to Save With Green Tax Credits

The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to [...]

July 18th, 2016|Real Estate, Tax|

Cost Segregation Studies: Valuable Tax Savings Embedded in Buildings

Your company’s real estate is likely to represent a large capital investment - are you missing out on real estate savings? If you own real estate and pay income taxes, you may benefit from [...]

July 13th, 2016|Real Estate, Tax|

Three Mutual Fund Tax Hazards to Watch Out For

Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if you hold such funds in [...]

July 7th, 2016|Tax|

Throw a Company Picnic for Employees This Summer and Enjoy Larger Deductions

Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other [...]

June 23rd, 2016|Tax|