Archive for Tax Planning

Take Advantage of the IRA-to-Charity Provision

May 3rd, 2016

Individuals age 70.5 or over—who must withdraw annual required minimum distributions (RMDs) from their IRAs—will be pleased to learn that the temporary provision allowing taxpayers to transfer up to $100,000 annually from their IRAs to qualified charities has been made permanent. If you are age 70.5 or over and have an IRA, taking advantage of […]

Proving Noncash Charitable Contributions

April 26th, 2016

One of the most common tax-deductible charitable contributions encountered is that of household goods and used clothing. The major complication of this type of contribution is establishing the dollar value of the contribution. According to the tax code, this is the fair market value (FMV), which is defined as the value that a willing buyer […]

Asset Sales Versus Stock Sales: What You Need to Know

April 19th, 2016

Selling a business is never a decision that should be made lightly. A business is something that you’ve likely worked hard to build from the ground up into the entity that you always hoped it could be – you don’t want to sell yourself short now that you’re moving onto bigger and better things. When […]

Traditional to Roth IRA Conversions – Should You? Did You? Wish You Hadn’t?

February 2nd, 2016

Article Highlights: Conversion Timing Why Convert? When to Convert? Undoing a Conversion Issues to Consider Before Making the Decision The tax provision that allows taxpayers to convert a Traditional IRA to a Roth IRA is a great tax-planning tool when used properly, and timing is everything. To make a conversion, you must pay income taxes […]

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 […]

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, […]

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 […]

Facing a Huge Gain from a Realty Sale?

September 22nd, 2015

Article Highlights: Adjusted Basis Acquisition Value Passive Loss Carryovers Installment Sale Tax-Deferred Exchange Tax on Net Investment Income If you are contemplating selling real-estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or […]

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