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You may be able to deduct this year’s company holiday party.
Many businesses are hosting holiday parties for employees this time of year. It’s a great way to reward your staff for their hard work and have a little fun. And you can probably deduct 100% of your 2017 party’s cost as a meal and entertainment (M&E) expense. Next...
Small Businesses Need Plans for a Natural Disaster
From East Coast to West Coast, hurricanes and wildfires recently created huge losses of lives, property, and emotional wellbeing. In the middle of the United States, crippling natural disasters can range from blizzards to river flooding to tornadoes. News reports...
What you need to know about year-end charitable giving in 2017
Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you...
You may need to add RMDs to your year-end to-do list
As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans. For taxpayers “of a certain age” with a tax-advantaged retirement account, as well as...
Consider gifting appreciated stock instead of cash to adult children
We’re entering the giving season, and if making financial gifts to your loved ones is part of your plans — or if you’d simply like to reduce your capital gains tax — consider giving appreciated stock instead of cash this year. Doing so might allow you to eliminate all...
Last minute tax saving tips for individual taxpayers
The year is quickly drawing to a close. But there’s still time to take steps to reduce your 2017 tax liability, as long as you act by December 31st. Here are a few tried-and-true year-end tax planning tips for those who normally itemize their deductions: Pay your...
Year-End Thank You Gifts from Business Owners
During the holiday season, it is natural for business owners to think about giving something to key individuals. On your list might be your employees, customers, suppliers, or others who helped your business during the year. If you have not already made plans, do so...
Year-end tax planning tips for accrual-basis taxpayers
With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher....
Victim of a disaster, fire, or theft? Claim a casualty loss deduction.
If you suffered damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake,...
Grants can boost year-end fundraising results
There are more than 87,000 foundations in the United States — including family, corporate and community foundations — according to the Foundation Center. If your not-for-profit isn’t actively seeking grants from these groups, you’re neglecting a potentially...
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