Tax

You may be able to save more for retirement in 2015.

Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings.

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What Every Business Owner Needs to Know About Implementing the New Tangible Property Regulations

Over the last several years, the IRS has published a series of regulations and rulings that dramatically change how taxpayers must account for the costs of acquiring, repairing, improving and even disposing of tangible property. These new rules represent some of the most significant changes in tax law since the Tax Reform Act of 1986…

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Employer Reimbursement of Individual Health Insurance Premiums May Subject Employers to Severe Penalties

In the past, employers were allowed to either reimburse employees for the cost of individual health insurance policy premiums or pay the premiums directly on behalf of the employee.  Provided the proper requirements were met, as required under the Internal Revenue Code, these benefits could be provided to the employee on a pre-tax basis.  Due…

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President Signs Tax Increase Prevention Act

Thanks to the tenacious activity by Congress at year end, the President signed into law the “Tax Increase Prevention Act of 2014,” (TIPA) on December 20, 2014. This is commonly referred to as the “Tax-Extenders” law that retroactively extended, for one year only, many of the previously passed tax breaks for businesses and individuals that…

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Virginia Payroll Due Date Changes

Form VA-6 and supporting statements (W-2s and 1099s) will now be due January 31 each year. The previous due date was February 28. In 2015, because January 31 falls on a weekend, the actual due date will be the next business day: Feb. 2. As usual, the forms must be filed electronically, according to the…

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Why you should make annual exclusion gifts before year end

The 2014 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your spouse “split” the gift, you can give $28,000 per recipient.

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Review gains and losses now to see if action by Dec. 31 can save 2014 taxes

Appreciating investments that don’t generate current income aren’t taxed until sold, deferring tax and perhaps allowing you to time the sale to your tax advantage. Review your year-to-date gains and losses now to see if selling any additional investments by Dec. 31 can reduce your 2014 tax liability.

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Buying a business vehicle before year end may reduce your 2014 tax bill

If you’re looking to reduce your 2014 tax bill, you may want to consider purchasing a business vehicle before year end. Business-related purchases of new or used vehicles may be eligible for Section 179 expensing, which allows you to expense, rather than depreciate over a period of years, some or all of the vehicle’s cost.…

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