The earlier the better when it comes to adopting a strategy to reduce your taxes. But even if time gets away from you, there are some year-end actions you can take to cut your taxes. Here are some last-minute tax cutters you might consider: 1. Review income and deductions. It’s all in the timing. The […]
IRS tax withholding tips
Sharing Economy Now in IRS Spotlight
Did you know… 40% of the workers in the Sharing Economy are unaware of their tax responsibilities and over 60% of the service provider companies are not training their new workers on their tax responsibilities. Source: Written statement of Nina E. Olson, National Taxpayer Advocate given at the Hearing on “The Sharing Economy” to the […]
The Lost Art of Tracking Home Improvements
One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a taxable event. But what if the tax law is changed? What if […]
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 […]
Business Tip: Don’t sell property; exchange it
A tax-deferred exchange is a tax planning technique which should be considered by any taxpayer that is relocating or disposing of property. Often referred to as a “tax-free exchange,” the tax-deferred exchange allows you to exchange certain business or investment property for other “like-kind” business or investment property and pay no income taxes currently. Your […]
Don’t overlook above-the-line deductions
Even if you don’t itemize deductions on your tax return, you may be entitled to certain “above-the-line” deductions. These deductions are subtracted from your income to arrive at your adjusted gross income, an important number because it determines your qualification for certain tax credits and various tax breaks. Above-the-line deductions include such things as IRA […]