It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic qualifications For you to qualify for the adult-dependent exemption, in most
Costs of Non-Compliance
The “Costs” of Non-Compliance A Timely Reminder as Filing Deadlines Draw Nearer Are you a U.S. person or company with foreign holdings/operations or a U.S. subsidiary of a foreign company that files international information returns? If you answered NO, you ought to reconsider whether you should be filing international information returns. As we move further
Saving tax home deductions and exclusions
Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT). Mortgage interest deduction. You generally can deduct interest on up to a combined total
2016 IRA contributions — it’s not too late!
2016 IRA contributions — it’s not too late! Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea. Benefits
2016 charitable deductions: Substantiate them or lose them
2016 charitable deductions: Substantiate them or lose them Sharing your wealth with a favorite charity can benefit those in need and reduce your taxable estate. In addition, your donations can ease your income tax liability. But you must meet IRS substantiation requirements. If you fail to do so, the IRS could deny the corresponding deductions
New York State Tax Filers Face New Drivers’ License or State Issued ID Requirement for Tax Year 2016
New York State Tax Filers Face New Drivers’ License or State Issued ID Requirement for Tax Year 2016 All New York State resident and nonresident taxpayers are now required to provide driver’s license numbers or state-issued IDs as part of the e-filing process for a personal income tax return or extension. This mandate issued by
Fuoco Group Mergers Expand Hauppauge and Miami Offices
Hauppauge, NY (January 20, 2015) – Fuoco Group (www.fuoco.com) is excited and pleased to announce that it has completed two mergers both effective January 1st, 2015, expanding its current operations in both Long Island and in Miami. Weisman & Company – Long Island, New York Mullen, Howard, Hammatt & Co – Miami, Florida The Long
To deduct business losses prove material participation
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 from other passive activities. Any excess passive loss is
3 Strategies for Tax-Smart Giving
3 Strategies for Tax-Smart Giving Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with proper
529 Savings Plan
The 529 savings plan: A tax-smart way to fund college expenses If you’re saving for college, consider a Section 529 plan. Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. (Some states do offer tax incentives for contributing.) Distributions used to pay qualified expenses (such as tuition, mandatory fees, books, equipment, supplies
