January 31 - 1099-MISCs Due to Service Providers & the IRS - The due date for mailing the recipient copy of the 1099 that reports 2016 payments is January 31, 2017. The copy that goes to the IRS is ALSO due January 31, 2017. If you are a business and paid $600 or more to individuals, [...]
Action May be Needed by Year-End Article Highlights: Tax Loss for a Security Sold or That Is Worthless Proving Worthlessness Selling a Worthless Stock by Year-end Brokers May Accommodate Clients Capital Loss Deduction If you are like most investors, you occasionally will pick a loser that declines in value. Sometimes, a security can even become [...]
Article Highlights: Actions You Can Still Take to Reduce Your 2016 Tax Bite Actions Must Be Completed Before the End of 2016 When Contributions by Check, Text-message or Pay-By-Phone Accounts Are Considered to Be Made Deductible Expenses Paid by Credit Card Are Deductible In The Year Charged Just a reminder that the last day you [...]
Article Highlights: • Zero Capital Gains Rate • Offset Gains With Losses • Wash Sales If you invest in publicly traded securities, here are a couple of tax-saving possibilities you shouldn’t forget to consider before year-end. Zero Capital Gains Rate - If you are having a low-income year, there may be a way for you [...]
Article Highlights: Sec 179 Expensing Expensing Safe Harbor Per Item or Invoice First Year Bonus Depreciation Leasehold Improvements Businesses seeking to increase deductions by acquiring machinery and equipment before year-end have an impressive array of tools to work with: Generous, up to $500,000, expensing under IRC Sec. 179, A liberal, up to $2,500, expensing safe [...]
Habits That Threaten Your Identity and Pocketbook Article Highlights • What's In Your Wallet Or Purse • Your Fear Of The IRS • Using Public Internet Connections • Not Screening Your E-Mails • E-Mailing And Texting Sensitive Information • Being Free and Easy With Passwords • Using Identical Passwords They're just old habits. You likely [...]
Avoid These 4 Common Small Business Accounting Mistakes Article Highlights: • Reporting employees as independent contractors • Not reconciling bank accounts regularly • Forgetting to record payments against open invoices • Not understanding the differences between cash flow and profit When you decided to open for business, you had a vision for the future. You [...]
Time for Baby Boomers to Pay Up Article Highlights: • Required Minimum Distribution (RMD) • Distribution Period • Penalty for Not Taking an RMD • Multiple Accounts • Non-Taxable Amounts • Roth Conversions • Effect on Other Income & Deductions Once RMDs Start • Additional Withholding or Estimated Tax • Charitable Option All you baby [...]
Thinking of Converting Your Home to a Rental? Better Read this First Article Highlights: • Home Gain Exclusion • Converting Homes that Have Declined in Value • Converted Basis • Passive Loss Limitations If you are considering converting your home to a rental, there are a number of tax issues you need to consider before [...]
Who Claims the Kids? You or Your Ex-Spouse? Article Highlights: • Custodial Parent • Dependency (Exemption) Release • Joint Custody • Tiebreaker Rules • Child's Exemption • Head of Household Filing Status • Tuition Credit • Child Care Credit • Child Tax Credit • Affordable Care Act • Earned Income Tax Credit If you are [...]
