Rss Feed Tweeter button Facebook button

Blog

Could the AMT Boost Your 2017 Tax Bill?

Could the AMT Boost Your 2017 Tax Bill?

A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer (and in some cases permanently reduce) your taxes. But there are exceptions. One is if the additional deductions this year trigger the alternative minimum tax (AMT). Complicating matters for 2017 is the fact that tax legislation might be signed into law between now and year end that could affect year-end tax planning. For example, as released by the Ways and Means Committee of the U.S. House of Representatives on November 2, the Tax Cuts and Jobs Act would repeal the AMT...

Read More

2017 Might Be Your Last Chance to Hire Veterans and Claim a Tax Credit

2017 Might Be Your Last Chance to Hire Veterans and Claim a Tax Credit

Veteran’s Day is November 11th, so it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do just that, but it may not be available for hires made after this year. As released by the Ways and Means Committee of the U.S. House of Representatives on November 2, the Tax Cuts and Jobs Act would eliminate the WOTC for hires after December 31, 2017. So you may want to consider hiring qualifying veterans before the end of the...

Read More

The Ins and Outs of Tax on “Income Investments”

The Ins and Outs of Tax on “Income Investments”

Many investors, especially those who are more risk-averse ones, hold much of their portfolios in “income investments.” These are investments that pay interest or dividends, with less emphasis on growth in value. But all income investments aren’t alike when it comes to taxes. So it’s important to be aware of the different tax treatments when managing your income investments. Varying tax treatment The tax treatment of investment income varies partly based on whether the income is in the form of dividends or interest. Qualified dividends are taxed at your favorable long-term capital gains tax...

Read More

Retirement Savings Opportunity for the Self-Employed

Retirement Savings Opportunity for the Self-Employed

If you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k). There’s still time to set up one of these plans for 2017, and it generally isn’t hard to do. So whether you’re a “full-time” independent contractor or you’re employed but earn some self-employment income on the side, consider setting up one of the following types of retirement plans this year. Profit-sharing plan This is a defined contribution plan that allows discretionary employer contributions and flexibility in...

Read More

Which Tax-Advantaged Health Account Should Be Part of Your Benefits Package?

Which Tax-Advantaged Health Account Should Be Part of Your Benefits Package?

An executive order was signed on October 12th that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs are just one type of tax-advantaged account you can provide your employees to help fund their health care expenses. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are also available. Which one should you include in your benefits package? Here’s a look at the similarities and differences: HRA. An HRA is an employer-sponsored account that reimburses employees for medical expenses. Contributions are excluded from taxable income and there’s...

Read More

“Bunching” Medical Expenses Will Be a Tax-Smart Strategy for Many in 2017

“Bunching” Medical Expenses Will Be a Tax-Smart Strategy for Many in 2017

Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). An example of this is the medical expense deduction. Because it can be difficult to exceed the floor, a common strategy is to “bunch” deductible medical expenses into a particular year where possible. If tax reform legislation is signed into law, it might be especially beneficial to bunch deductible medical expenses into 2017. The deduction Medical expenses that aren’t reimbursable by insurance or...

Read More
Page 4 of 29« First...23456...1020...Last »