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What tax records can you toss once you’ve filed your return?
The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge. The 7-year rule At minimum, keep tax records for as long as the IRS...
Why it’s time to start tax planning for 2016
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...
Conducting Your Small Business as an S Corporation
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...
Filing for an extension isn’t without perils
Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension. Extension deadlines Filing for an extension allows you to...
Are there business expenses you CAN’T write off?
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...
Special Report on the 2015 PATH act
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...
Considering a gift to a loved one? Save taxes, too.
If your 2015 tax liability is higher than you’d hoped and you’re ready to gift some assets to your loved ones, now may be the time to get started. Giving away assets will, of course, help reduce the size of your taxable estate. But with income-tax-smart gifting...
Make a 2015 IRA contribution before time runs out
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....
2 Tax Credits for Small Businesses
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...
Who’s Checking Your Tax Returns
There is a growing comfort level in society today regarding the accuracy of information produced by computerized processes. This is the assumption that, so long as the data is keyed into a computer program, the data generated will be accurate every time. This is...
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