The President has signed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). Below is more information on the Act's provisions. Made permanent: Enhanced Child Tax Credit Enhanced American Opportunity Tax Credit Enhanced Earned Income Tax Credit Above-the-line educator deduction Sales tax deduction Enhanced mass transit and parking pass benefits IRA-to-charity — California automatically [...]
Coastal Tax Advisors featured on wsRadio Dave Morgan, CPA and co-founder of Coastal Tax Advisors, shares ways to lower your tax burden when self-employed while boosting your retirement nest egg. He also discusses how shifting from a sole proprietorship to an S-Corporation can significantly reduce the amount of tax you pay. Dave also discusses how [...]
Through 2016, taxpayers can get a 30% tax credit on their federal tax returns for installing certain power-generating systems in their homes. The credit is non-refundable, which means it can only be used to offset a taxpayer's current tax liability, but any excess can be carried forward to offset tax through 2016. Systems that qualify [...]
Prior to the recent economic downturn, flipping real estate was popular. With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again. House flipping is, essentially, purchasing a cheaper, slightly run-down house or property, spending time redoing the interior of the house, changing up the landscaping, even [...]
Congress passed legislation, which President Obama indicated he would sign, to avoid the fiscal cliff. The legislation would allow tax rates to rise on the nation's highest earners while also extending dozens of tax cuts for individuals and businesses. Specifically, the bill: Raises the top tax rate to 39.6% for married couples earning $450,000; single [...]
Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer (depending upon state law). Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler’s checks, trust distributions, unredeemed [...]
Each U.S. person who has a financial interest in or signature or other authority over any foreign financial accounts (including bank, securities, or other types of financial accounts in a foreign country) must report that relationship by filing a FinCEN Form 114 (more commonly known as FBAR) electronically with the Treasury Department’s Financial Crimes Enforcement [...]
Normally, when a business acquires an asset, it must be capitalized and depreciated over its useful life. However, tax law includes some provisions that allow the entire asset or some portion of it to be written in the first year it is placed in service, providing the opportunity for very large first-year write-offs. The following [...]
Late on Dec. 6, President Obama announced that the Administration and the Republicans had arrived at a "framework for a bipartisan agreement" that would extend the Bush-era tax cuts and give workers a two-percentage-point reduction in Social Security tax for 2011. How this agreement will be received by Congressional Democrats is uncertain at this time. [...]
If you give someone money or property during your lifetime, you may be subject to the federal gift tax. The following tips will help you determine if your gift is taxable or if you are required to file a gift tax return. Most gifts are not subject to the gift tax. For example, there is [...]
