In order to take advantage of two important depreciation tax breaks for business assets, you must place the assets in service by the end of the tax year. So you still have time to act for 2016. Taking the Section 179 deduction on purchases of business assets The...
A charitable donation to a qualified charity is generally fully deductible. Often, donations may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. To ensure your donations will be deductible on...
The last month or so of the year offers accrual basis taxpayers an opportunity to make some timely moves that might enable them to save money on their 2016 tax bill. The key to saving tax as an accrual basis taxpayer is to properly record and recognize expenses that...
When the deductible expenses of a business exceed its income, a net operating loss (NOL) generally occurs. If you’re planning ahead or filing your income tax return after an extension request and you find that your business has a qualifying NOL, there’s some good...
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...
Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth IRA accounts, tax-free. But your annual IRA contribution is limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years....
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...
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2015 tax liability and save taxes — but you just must act by December 31: Pay your 2015 property tax bill that’s due in early 2016. Make your January 1 mortgage payment. Incur...
Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but generally only to the extent that they exceed 10% of your adjusted gross income....
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