Tax

Q3 tax calendar

2019 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July…

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donating a vehicle to charity

Donating a Vehicle to Charity May Not Be a Taxwise Decision

You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all. Trade in, sell or donate? Let’s say you’re buying a new car and…

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couple in retirement considering taxes

Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes It…

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tax tips on passport and IRS, retirement plans, and gift and estate tax

May/June 2019 Tax Tips

Hang on to your passport A 2015 law allows the U.S. State Department to deny your passport application — or revoke or limit your current passport — if the IRS certifies that you have a seriously delinquent tax debt (SDTD). You have an SDTD if 1) you owe more than $51,000 (as indexed for inflation)…

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IRS audit

The Chances of IRS Audit Are Down But You Should Still Be Prepared

The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for an IRS audit these days, that will be little consolation if yours is one of them. Latest statistics…

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business meal expenses

When Can You Deduct Business Meals?

The Tax Cuts and Jobs Act (TCJA) eliminated most tax deductions for business-related entertainment, beginning in 2018. It also created confusion over the continued deductibility of business meals. Late last year, the IRS issued a notice clarifying that taxpayers may continue to deduct 50% of eligible business meal expenses and providing temporary guidance on the…

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hire your child

Hire Your Child This Summer: Everyone Wins

If you’re a business owner and you hire your child (or grandchild) this summer, you can obtain tax breaks and other non-tax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll…

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estate planning and succession planning

Estate Planning and Business Succession Planning

The lines blur when a family business comes into play For many business owners, estate planning and succession planning go hand in hand. If you’re the owner of a closely held business, you likely have a significant portion of your wealth tied up in the business. If you don’t take the proper estate planning steps…

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backdoor roth IRA

The “Backdoor” Roth IRA Remains Open

The Roth IRA is an attractive savings vehicle, offering tax-free retirement income and other significant benefits. Unfortunately, income limitations prevent many people from contributing to these accounts. But even if you can’t contribute directly, there’s no limit on converting a traditional IRA into a Roth. This “backdoor Roth IRA” strategy allows anyone, regardless of income,…

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selling a home; home for sale

Selling Your Home? Consider These Tax Implications

Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week of May 2, 2019, while the 15-year mortgage rate was 3.6%. This…

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