Tag Archives: TAX TIPS

Make use of your 2015 gift tax exclusion

This year you can give up to $14,000 to as many individuals as you want without any gift tax liability. If you’re married and your spouse joins in the gift, you can, as a couple, elect to give $28,000 to each person with no gift tax liability. Once December 31, 2015, has come and gone, your 2015 gift tax exclusion… (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…)

Decide when to start social security benefits

Whether you should take social security retirement benefits at the earliest possible date or defer benefits until reaching normal retirement age (or even age 70), depends on several factors. For example, you’ll want to consider your overall health and life expectancy, your plans to earn income before reaching normal retirement age, anticipated returns on your other investments, and, surprisingly, your… (more…)

Get ready for the “Cadillac” tax

The 2010 Affordable Care Act added a 40% excise tax on high-cost employer-sponsored health insurance (sometimes called “Cadillac” plans). “High-cost” means plans with an annual cost of more than $10,200 for an individual and $27,500 for a family. Beginning in 2018, the tax applies to the amount above that limit. The tax is assessed annually, and is permanent, nondeductible, and… (more…)

Law Revises Due Dates for 2016 Returns

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 changed due dates for some 2016 federal business returns (the ones you’ll file in 2017). Here’s a sample of the changes: Partnerships (Form 1065) – 2½ months after the close of the tax year. For calendar-year partnerships, that means a due date of March 15. C corporations (Form… (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…)

Safeguard records before a disaster strikes

There’s never a good time to plan for a disaster. There’s never a better time either. So why wait? Instead of having to reconstruct personal and business records in the aftermath of an unexpected calamity, safeguarding documents before you suffer a loss will make it easier to claim casualty deductions and other tax breaks. Here’s an overview of some of… (more…)

Consider taxes when you change jobs

Taxes may be the last thing on your mind when you’re changing jobs, but overlooking their impact could mean missed tax-saving opportunities. Issues to consider include: *                    Your retirement plan. Distributions from retirement plans are generally taxable and may also be subject to an early withdrawal penalty. The penalty would also apply to amounts withheld for income taxes. When you… (more…)

IRS publishes help for ID theft

The IRS website contains useful information on how to avoid becoming a victim of identity theft, plus steps to take if you do become a victim. Here are the warning signs that you may have had your identity stolen:       The IRS notifies you that more than one tax return was filed using your social security number. You’re… (more…)

Public safety heroes law passed

A new law, the “Don’t Tax Our Fallen Public Safety Heroes Act,” was signed on May 22, 2015, to clarify the tax treatment of federal and state benefits for public safety officers killed or injured in the line of duty. Under the law, such benefits will not be subject to federal income tax. If you would like assistance on this,… (more…)