Information on taxes.

AMT

Could the AMT Increase 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…
W-2 scam

Beware this W-2 Scam

Here is an excerpt from the IRS Newswire, cautioning us to be aware of this W-2 Phishing scam: The W-2 scam has emerged as one of the most dangerous and successful phishing attacks as hundreds of employers and tens of thousands of employees…
Tax Free cash gifts

Make Tax-Free Cash Gifts before Year End

As the holiday season quickly approaches, gift giving will be top of mind. While gifts of electronics, toys and clothes are nice, making tax-free cash gifts using your annual exclusion is beneficial for both you and your family. Even in…
estate tax planning
,

Take A Flexible Approach to Estate Tax Planning

Events of the last decade have taught us that taxes are anything but certain. Case in point: Congress is mulling abolishing gift and estate taxes as part of tax reform. So how can people who hope to still have long lifespans ahead of them plan…
health accounts

Tax Advantaged Health Accounts in your Benefits Pkg

On October 12, an executive order was signed 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.…
defer taxes

2 Ways That Your Business Can Defer Taxes

Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially…
self-employment tax

How to Reduce Your Self-Employment Tax Bill

If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. An unincorporated business in which both spouses are active is typically treated by the IRS as a partnership…
travel per diem

New Travel Per Diem Rates as of October 1, 2017

Updated travel per diem rates went into effect October 1. To simplify record keeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home. Per diem advantages As long…
Affordable Care Act

2 ACA Taxes that May Apply to Your Exec Comp

If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or non-qualified deferred compensation (NQDC). Tax planning for…
401k

Contribute More to Your 401k Before the End of the Year

One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already…