Get the Maximum Benefit from a Casualty Loss Deduction

An unexpected casualty can wreak havoc emotionally and financially.  An itemized tax deduction may help ease the financial burden if your home, vehicle, or other personal property has been damaged or destroyed by an unforeseen disaster.

Typically, you claim a casualty loss in the taxable year the disaster happens.  But, if you’re in a federally

Views – 227

By |September 14, 2017|

New IRS Collection Policy Update

As we progress through 2017, be aware of major changes to the IRS Collection Policy.  According to “During the past five years, new laws and IRS administrative changes to collection policy have been frequent, and can be hard for taxpayers and tax professionals to keep up with.”  Stay informed and take a moment

Views – 366

By |April 27, 2017|

A Tax Refund for You or an Interest Free Loan for the IRS?

Are you anticipating a big refund this year?  Since getting a large refund actually costs you money, you may want to do some tax planning each year in order to minimize the amount you get back.

If you are among the millions of taxpayers who receive a refund each year it’s important to understand how

Views – 493

By |April 10, 2017|

Tax Bracket, Tax Rate, What’s the Difference?

It’s not a trick question, there is a difference between your tax bracket and your tax rate.  Your tax rate indicates your tax liability in relation to your total income but for planning purposes, you will also want to be aware of your tax bracket.  As an example, to stay within the limits of

Views – 531

By |January 31, 2017|

Corporate Minutes Support Tax Deductions

If the IRS questions a choice made on your tax return, having well-documented corporate minutes can provide valuable supporting evidence.  When related-party transactions are involved, such as payments, loans or distributions between the company and you or other owners, corporate minutes become especially important.  As an example, the amount of your compensation may be

Views – 945

By |January 26, 2016|

Watch Year-End Mutual Fund Transactions

Mutual funds can have a complicated effect on income tax and can create undesirable year-end surprises if purchases or sales are poorly timed.

For mutual fund investors, taxes are based on activities within each fund (with the exception of qualifying retirement plans). Any income or gain must be passed on to shareholders when a fund

Views – 892

By |October 5, 2015|

2014 Tax Extenders are Officially Enacted into Law

As of Friday, December 19, President Obama signed the Tax Increase Prevention Act of 2014 into law. This includes tax extenders for both individuals and businesses. The extensions expire as of December 31, 2014. What will happen for 2015 remains to be seen, but if recent history is any indication, Congress will wait until

Views – 1129

By |December 29, 2014|

The Affordable Care Act: What To Expect Next

As of  mid-July, we are currently sitting in health insurance “limbo.”  The initial roll out of the Affordable Care Act, also known as Obamacare, is over. The 2015 open enrollment is a few months away and all is quiet on the insurance home front.   During this intermission, I thought it might be a good

Views – 1032

By |September 8, 2014|

Tax benefit to a vacation that combines work and pleasure?

Check the tax savings of combining business and pleasure on the same trip this summer. Within the U.S., if the primary purpose of the trip is business and you add on a side trip or an extra few days for pleasure, you can deduct all the travel costs to and from your business destination

Views – 778

By |August 6, 2013|

Swap properties to postpone taxes

Postpone taxes by swapping real estate instead of selling it.
By |May 20, 2013|