Category Archives: Tax Planning

Make time for midyear tax planning

One benefit of midyear tax planning is that you have a solid foundation for making decisions and enough time to implement them. In addition, because the rules haven’t changed much this year, you can use last year’s tax return as a starting point for 2016 planning ideas. We encourage you to review your current tax situation. Contact us at 201-947-8081… (more…)

Three Positive Steps to Financial Well-Being

While you’re gathering information to prepare your 2015 tax return, set aside time for a financial review. Here are steps to get started. Compile a year-end list of your assets and debts and compare the list to last year. Are you gaining or losing ground? What actions can you take to improve your financial situation in 2016? Review your insurance.… (more…)

Corporate Minutes Support Tax Deductions

Well-documented corporate minutes can provide valuable supporting evidence if the IRS questions choices you make on your tax returns. Minutes are especially important when related-party transactions are involved, such as payments, loans, or distributions between the company and you or other owners. For example, the IRS may challenge the amount of your compensation. Corporate minutes that document the factors considered… (more…)

Does Your Business Need to File Form 1099?

  Forms 1099 are due to recipients by February 1, 2016. You may be most familiar with Form 1099-MISC, which you use when your business makes miscellaneous payments in excess of $600 for services to non-employees. What are miscellaneous payments? Reportable payments can include fees for services paid to independent contractors, such as consultants, lawyers, and cleaning services. Generally, you… (more…)

Are you 65 or older? Include these tax breaks in year-end planning

Celebrate your 65th birthday with federal income tax benefits. Here are some of the breaks available once you reach age 65. Higher standard deduction. Your standard deduction is the sum of the basic standard deduction plus an additional standard deduction if you are age 65 or older at the end of the tax year. You are considered to be 65… (more…)

Tax planning is good for corporations too

If you own a calendar-year corporation, you can benefit from planning moves you make before December 31. For example, corporations can accelerate or defer income or deductions to stay within a certain tax bracket. You’ll also want to look at your corporate alternative minimum tax exposure to determine whether you qualify for an exception to the tax. Finally, reviewing estimated… (more…)

Take time for tax planning

Take time to review your 2015 tax situation while there are still a few months to make adjustments. Can you benefit from bunching your itemized deductions? Will increasing your retirement plan contributions cut your tax bill? An investment in a tax review could make a significant difference in your final tax bill for the year.  Please contact our office at… (more…)

Midyear tax planning tip

Take time this summer to examine your investment portfolio for potential tax savings, such as selling stocks that are worth less than you paid to offset your capital gains. You might also donate appreciated stock that you have held for more than one year to charity and avoid capital gains altogether – plus getting a deduction for the stock’s fair… (more…)