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Using a like-kind exchange to defer income tax
Like many business owners, you might also own highly appreciated business or investment real estate. Fortunately, there’s an effective tax planning strategy at your disposal: the Section 1031 like-kind exchange. It can help you defer capital gains tax on appreciated...
When an elderly parent might qualify as your dependent
It’s not uncommon for adult children to help support a elderly parent. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic...
New filing deadline rapidly approaching for partnerships
The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes is March 15. While this deadline is nothing new for S corporation returns, it’s...
All charitable donations are not created equally
As you file your 2016 income tax return and plan your charitable donations for 2017, it’s important to keep in mind the available deduction. It can vary significantly depending on a variety of factors. What you give Other than the actual amount you donate, one of the...
Tangible property safe harbors help maximize deductions
If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make sure they were truly “repairs,” and not actually...
The Work Opportunity Tax Credit can save taxes for small business
Employers that hire individuals who are members of a “target group” may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2016 and obtained proper certification, you can claim the WOTC on your 2016 tax return. Whether or not...
Are you familiar with the rules for deducting mileage on your return?
Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to deduct miles driven for other...
Do you need to file a gift tax return for gifts made in 2016?
Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making a gift,...
Simplified Employee Pensions are a powerful retirement planning tool
Simplified Employee Pensions (SEPs) are sometimes regarded as the “no-brainer” first choice for high-income small-business owners who don’t currently have tax-advantaged retirement plans set up for themselves. Why? Unlike other types of retirement plans, a SEP is easy...
Two small-business tax credits for employee benefits
Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two available tax credits are especially for small businesses that provide certain employee benefits. And one of them might not be available after 2017. Small-business health care...
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