The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room
IRS Tax Relief for Hurricane Irma Victims
The IRS is providing help to the victims of Hurricane Irma. Special tax relief and assistance is available to taxpayers in the Presidential Disaster Areas. Hurricane Irma victims in parts of Florida and elsewhere will now have until January 31, 2018, to file certain individual and business tax returns and make certain tax payments, according
3 midyear tax planning strategies for individuals
In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear: 1. Consider your bracket The top income tax rate is 39.6% for taxpayers
A refresher on the ACA’s tax penalty on individuals without health insurance
A refresher on the ACA’s tax penalty on individuals without health insurance Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health
Save or shred? Tax Records Retention Guidelines
Save or shred? Retention guidelines help determine whether to keep or destroy tax records You may have breathed a sigh of relief now that the April 18 deadline to file your taxes (or request an extension) has come and gone. However, if your office is strewn with reams of paper consisting of years’ worth of
Key deadlines for remainder of 2017
Look beyond April 18 to the tax-related deadlines you face for the rest of 2017. While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that are important to be aware of. To help you make sure you don’t
Elderly Parent Qualify as Dependent
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
