April 2017

Individual tax calendar: Key deadlines for the remainder of 2017


While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that are important to be aware of. To help you make sure you don’t miss any important 2017 deadlines, here’s a look at when some key tax-related forms, payments [...]

Saving tax with home-related deductions and exclusions


Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT). Mortgage interest deduction. You generally can deduct interest on up to a [...]

March 2017

2017 Q2 tax calendar: Key deadlines for businesses and other employers


2017 Q2 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all [...]

Who can — and who should — take the American Opportunity credit?


If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your dependent child claims the credit, you must forgo [...]

2016 IRA contributions — it’s not too late!


Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea. Benefits beyond a deduction Tax-advantaged retirement plans like IRAs [...]

When an elderly parent might qualify as your dependent


Basic qualifications For you to qualify for the adult-dependent exemption, in most cases your parent must have less gross income for the tax year than the exemption amount. (Exceptions may apply if your parent is permanently and totally disabled.) Generally Social Security is excluded, but payments from dividends, interest and retirement plans are included. In [...]

February 2017

Tangible property safe harbors help maximize deductions


If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make sure they were truly “repairs,” and not actually “improvements.” Why? Costs incurred to improve tangible property must be depreciated over [...]

Deduct all of the mileage you’re entitled to — but not more


What are the deduction rates? The rates vary depending on the purpose and the year: Business: 54 cents (2016), 53.5 cents (2017) Medical: 19 cents (2016), 17 cents (2017) Moving: 19 cents (2016), 17 cents (2017) Charitable: 14 cents (2016 and 2017) The business standard mileage rate is considerably higher than the medical, moving and [...]

What’s new on 2016 Forms 1120, 1120S and 1065?


IRS has issued final versions of 2016 Form 1120 (U.S. Corporation Income Tax Return), Form 1120S (U.S. Income Tax Return for an S Corporation), Form 1065 (U.S. Return of Partnership Income), and the instructions for those forms. In this article, we summarize how those forms and instructions were changed from their 2015 counterparts. Form 1120. [...]