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Could the AMT boost 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 trigger the alternative...
Which health account should be part of your benefits package?
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. Also available are...
Nonqualified stock options demand tax planning attention
Your compensation may take several forms, including salary, fringe benefits, and bonuses. If you work for a corporation, you might also receive stock-based compensation, such as stock options. These come in two varieties: nonqualified stock options (NQSOs) and...
Use Giving Tuesday to raise money for your nonprofit
What are you doing November 28? If that date doesn’t ring a bell, your not-for-profit probably hasn’t made plans to participate in National Giving Tuesday. But considering the opportunities associated with it, maybe it should. What is Giving Tuesday? Giving Tuesday,...
How to maximize deductions for business real estate
Currently, a valuable income tax deduction related to real estate is for depreciation, but the depreciation period for such property is long and the land itself isn’t depreciable. Whether real estate is occupied by your business or rented out, here’s how you can...
Year-End Retirement Tax Planning, Part II
Our last article discussed year-end tax retirement tax planning for individuals participating in their employer’s 401(k) plans. This article will focus on individuals over age 59½ with large traditional IRA balances. Required Minimum Distributions IRA owners also have...
Year-End Retirement Tax Planning, Part I
If your company sponsors a 401(k) plan, your employer may offer a match. Make certain that you are contributing at least enough in 2017 to get the full match. Remember, your full match is essentially free money. The same is true when you are setting up your 2018...
Save for college through the tax advantages of a 529 savings plan
With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section...
Accelerate your retirement savings with a cash balance plan
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper...
Are term limits right for your nonprofit’s board members?
Term limits for not-for-profit board members can be a double-edged sword. They can allow you to easily let go of unsuccessful board members, but they also can cause you to lose the best sooner than you’d like. Consider some of the issues involved before making a...
Tax planning must consider the impact of potential new tax bill
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 true this year if Congress...
Investors: Beware of the wash sale rule when trading
A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. So if you’ve cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those...
Read something interesting? Want more information? Give us a call, and we will be happy to assist you in any way we can.
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