Whenever cash or property passes between a closely held corporation and its shareholders, there are generally tax consequences. You can control these consequences by documenting your intentions for the transaction to be considered a corporate loan instead of a...
The recently-signed Protecting Americans from Tax Hikes Act (PATH Act) of 2015 reinstates some expired tax benefits retroactively and makes them permanent. On the list is the 100% tax exclusion of the gain from sales of qualified small business stock (QSBS). Example...
Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016. More opportunities for tax...
Many businesses elect to operate as an S corporation to take advantage of federal tax benefits. The primary reasons for electing S status are limited liability of a corporation and the ability to pass corporate income, losses, deductions and credits through to...
You may be surprised to hear that most business deductions aren’t specifically listed in the Internal Revenue Code. It doesn’t explicitly state that you can deduct certain business expenses such as office supplies. There are some expenses that are detailed in the tax...
Last December, President Obama signed the Protecting Americans from Tax Hikes Act (PATH act) of 2015 into law. The new law contains several tax benefits for individuals and for companies. What’s more, the PATH act was not a simple “extenders” act, continuing certain...
Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable credits are especially for small businesses that offer certain employee benefits. Can you claim one — or both — of them on your 2015 return? Retirement plan credit...
Today it’s becoming more and more common to work from home. But just because you have a home office space doesn’t mean you can deduct your home office expenses. Eligibility to deduct home office expenses If you are an employee, your use of your home office must be for...
For much of this year, uncertainty surrounded whether Congress would extend relief in the area of depreciation-related tax breaks. On December 18, clarity finally arrived with the passage of the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). Here’s a...
Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it now has done, with the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by the President on...
Monday-Thursday
8:00 AM - 5:00 PM
Friday
8:00 AM - 12:00 PM
Saturday-Sunday
Closed