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Tax Newsletter

by posted Mar 2 2018 8:26:00 AM
  Personal tax exemptions and the standard deduction have looked largely the same for quite some time. But, in light of the Tax Cuts and Jobs Act (TCJA) passed late last year, many individual taxpayers may find themselves confused by the changing face of these tax-planning elements. Here are some clarifications.   For 2017, taxpa
by posted Mar 2 2018 8:25:00 AM
Every company needs to upgrade its assets once in a while, whether desks and chairs or a huge piece of complex machinery. But before you go shopping this year, be sure to brush up on the enhanced bonus depreciation tax breaks created under the Tax Cuts and Jobs Act (TCJA) passed late last year.   Old Law Qualified new — not us
by posted Mar 1 2018 3:58:00 PM
  A growing number of businesses have been victimized by W-2 phishing scams. In a traditional phishing scam, a criminal tricks someone into providing confidential information and then uses it to steal money and/or the victim’s identity. The W-2 phishing scam is a variation on this. Whether you’re a business owner, work
by posted Mar 1 2018 3:49:00 PM
The Tax Cuts and Jobs Act (TCJA), signed into law this past December, affects more than just income taxes. It’s brought great changes to estate planning and, in doing so, bolstered the potential value of dynasty trusts.   Exemption Changes Let’s start with the TCJA. It doesn’t repeal the estate tax, as had been dis
by posted Feb 8 2018 10:28:00 AM
  It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for an adult-dependent exemption to deduct up to $4,050 for each person claimed on your 2017 return.   Basic Qualifications For you to qualify for the adult-dependent exemption, in most cases yo
by posted Feb 8 2018 10:26:12 AM
They say one person’s trash is another person’s treasure. This may hold true when it comes to collectibles — those various objets d’art for which many people will pay good money. But if you’re considering selling or donating some of your precious items, be sure to consider the tax impact on your 2017 return. &
by posted Feb 8 2018 10:12:00 AM
  The clock is ticking down to the tax filing deadline. The good news is that you still may be able to save on your impending 2017 tax bill by making contributions to certain retirement plans. For example, if you qualify, you can make a deductible contribution to a traditional IRA right up until the April 17, 2018, filing date and stil
by posted Feb 8 2018 10:02:00 AM
The domestic production activities deduction (DPAD) provides a tax break for certain “domestic production activities.” Unfortunately, many businesses tend to overlook this valuable tax break because they believe it’s applicable only to certain industries. In fact, the deduction remains available to a wide range of businesses for
by posted Jan 25 2018 1:56:53 PM
Keeping up with the complexity of the Internal Revenue Code is challenging for an individual and even more so for a business owner. But, if you’re someone who handles both roles — an owner-employee — the difficulty level is particularly high. Nonetheless, it’s important to stay up to speed on your specific obligations. As yo
by posted Jan 25 2018 1:55:00 PM
With conference calls and Web meetings increasingly prevalent, business travel isn’t what it used to be. But if your company is still sending employees out on the road, it remains important to understand the tax ramifications. Fringe benefits Generally, for federal tax purposes, a company may deduct all ordinary and necessary expenses paid
by posted Jan 25 2018 1:50:00 PM
Every year, a substantial percentage of weddings aren’t first-time nuptials but second (or subsequent) marriages. Here are four tips to help such partners better manage the situation: Take inventory. Identify the assets and liabilities each person brings to the union. If one spouse has significant debt, how will the couple manage it? Or
by posted Jan 25 2018 1:48:00 PM
January 16 — Individual taxpayers’ final 2017 estimated tax payment is due. January 31 — File 2017 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to your employees. File 2017 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation paym
by posted Jan 25 2018 1:46:00 PM
If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 17 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 15. But there’s another date you should keep in mind: the day the IRS begins accep
by posted Dec 1 2017 11:00:00 AM
EDUCATE EMPLOYEES ON REQUIRED MINIMUM DISTRIBUTION RULES The deadline for taking 2017 required minimum distributions (RMDs) is rapidly approaching: December 31, 2017. If you own a business and offer a 401(k) plan, it’s a good time to think about how you can make sure your older employees are aware of the RMD obligations, including how the
by posted Nov 6 2017 7:59:00 AM
HANDLE WITH CARE: MUTUAL FUNDS AND TAXES Many people overlook taxes when planning their mutual fund investments. But you’ve got to handle these valuable assets with care. Here are some tips to consider. Avoid year-end investments Typically, mutual funds distribute accumulated dividends and capital gains toward the end of the year. But do
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