It’s Time for Year-End Tax Planning

December 22nd, 2015

Article Highlights: Capital Gains and Losses Roth IRA Conversions Recharacterizing a Roth Conversion Minimum Required Distribution Annual Gift Tax Exemption Expensing Allowance (Sec 179 Deduction) Self-employed Retirement Plans Increase Basis For the past few years, year-end tax planning has been challenging due to the lateness of action by Congress. This year is no different because of […]

Action May Be Needed Before Year-End

December 15th, 2015

Article Summary: New regulations Adopting a de minimis policy Deadline for adopting a policy for 2016 Limitations without a de minimis policy Prior to the release of the new regulations dealing with capitalization and repairs, the Internal Revenue Code and regulations provided no specific de minimis amount that could be expensed for business purchases of […]

Don’t Be Scammed By Fake Charities

December 8th, 2015

Article Highlights: Scammers and charitable contributions How to check on legitimate charities Disaster scammers As the end of the year approaches, you will probably be besieged by requests from charitable organizations for contributions. The holiday season is the favorite time of the year for charities to solicit donations. But you should be aware that it […]

Have You Taken Your Required Minimum IRA Distribution?

December 1st, 2015

Article Highlights: Required Minimum Distributions When the Distributions Must Begin RMD Distribution Tables Figuring the Amount of the Distribution IRA-to-Charity Transfers As year-end approaches, this is a good time to make sure you have taken your required minimum distribution (RMD) for 2015. What is an RMD, you ask? The tax code does not allow IRA […]

Will Your Favorite Tax Benefit Expire?

November 24th, 2015

Article Summary: Expiring Tax Provisions Personal Provisions Business Provisions Will Congress Act? More than 50 tax provisions that Congress routinely extends on a yearly basis expired at the end of 2014. The big problem is, each year they are extending the provisions later and later in the year, creating uncertainty for taxpayers on whether they […]

When to Claim a Disaster Loss

November 17th, 2015

Article Highlights: Disaster Losses Elections Net Operating Loss AGI Limitations Possible Gain With the wild fires and draught in the West and flooding on the East Coast, we have had a number of presidentially declared disaster areas this year. If you were an unlucky victim and suffered a loss as a result of a casualty, […]

6 Steps to Get Your Business Startup on Track For Long Term Success

November 10th, 2015

It’s easy to think about startup businesses and consider the success or horror stories, but what about the average startups? The hard and bleak reality is that the majority of small business startups fail. So, to avoid being like the average startup, you need to create a plan for success. Choose the Right Entity One of […]

Was Your No-Health-Insurance Penalty A Surprise?

November 3rd, 2015

Article Highlights: 2014 Uninsured Penalty Notices Flat Dollar Amount Penalty Percentage of Income Penalty Penalties Increase in 2015 and 2016 A tweet from an Indiana resident by the name of Benjamin Miller, including a picture of the IRS notice he received advising him that he owes $2,344 as a penalty for not having health insurance, […]

Marketplace Insurance Checkup

October 20th, 2015

Article Highlights: Advance Premium Tax Credit Family Income Family Size Reporting Changes to the Marketplace Repayment of Credit Married Filing Separately If you are one of the many individuals or families who purchase their health insurance through the federal or a state government health insurance marketplace and are receiving an advance premium tax credit (subsidy […]

Increase Your Withholding to Avoid Underpayment Penalties

October 6th, 2015

Article Highlights: Withholding Estimated Tax Payments Underpayment Penalties Safe Harbor Payments Withholding Strategy Uncle Sam considers our tax system a “pay-as-you-go” system and expects taxpayers to prepay taxes on income as they receive it throughout the year. Taxes are prepaid through withholding and by estimated tax payments. Since withholding is not an exact science and […]

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