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Homeowners save tax with home-related deductions and exclusions
Currently, homeowners have many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the...
Tax-advantaged ways to reimburse employee education expenses
Reimbursing employees for education expenses can both strengthen the capabilities of your staff and help you retain them. In addition, you and your employees may be able to save valuable tax dollars. But you have to follow IRS rules. Here are a couple of options for...
Use certified or registered mail to avoid additional penalties
Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight. But dropping your return or...
Should your business consider implementing an ESOP?
Among the retirement plans that small businesses can offer to their workers are Employee Stock Ownership Plans (ESOPs). As the title indicates, an ESOP is a process for transferring ownership of the company to employees. How does that work as a retirement plan? In...
A refresher on tax-related ACA provisions affecting businesses
Now that the bill to repeal and replace the Affordable Care Act (ACA) has been withdrawn and it’s uncertain whether there will be any other health care reform legislation this year, it’s a good time to review some of the tax-related ACA provisions affecting...
Deciding about purchasing a vacation home
Whether you live in the thawing North or in the always mild South, the onset of spring leads to thoughts of summer vacations. After all, next month will be May. And Memorial Day is often considered the unofficial beginning of summer getaways. At this time, you might...
Make sure the IRS won’t consider your business to be a hobby
If you run a business “on the side” and derive most of your income from another source (whether from another business you own, employment or investments), you may face a peculiar risk: Under certain circumstances, this on-the-side business might not be a business at...
Who can take the American Opportunity Tax Credit?
If you have a child in college, you may be eligible to claim the American Opportunity Tax Credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your...
Are You More Vulnerable Than Others to Be Audited?
IRS data indicate that fewer than 1% of all individual income tax returns are audited each year. That’s true, but some taxpayers are more vulnerable than others to an IRS audit. For starters, the IRS is more likely to audit taxpayers who report high incomes because...
2016 IRA contributions — it’s not too late!
Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea. Benefits...
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