July 2017

Consider Tax Issues When Valuing a Business for Divorce

2017-07-26T16:08:32+00:00

Let's say divorcing spouses own part of the stock in a closely held corporation. This may be one of their biggest marital assets, and often one spouse decides to buy out the other party's shares by transferring some assets in exchange for the stock. Before jumping headfirst into these transfers, it's important to consider the [...]

3 midyear tax planning strategies for business

2017-07-19T23:17:54+00:00

Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on [...]

Own a vacation home? Adjusting rental vs. personal use might save taxes

2017-07-13T15:22:16+00:00

Now that we’ve hit midsummer, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: If you rent it out for less than 15 days: You don’t have to report the income. But expenses associated with the rental (such as advertising [...]

June 2017

Claiming a federal tax deduction for moving costs

2017-06-27T16:33:01+00:00

Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that you might be eligible for a [...]

2017 Q3 tax calendar: Key deadlines for businesses and other employers

2017-06-22T16:12:58+00:00

Here are some of the key tax-related deadlines affecting businesses and other employers during the third 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 applicable deadlines and to learn more about the filing requirements. July 31 [...]

Pay attention to the details when selling investments

2017-06-13T16:39:45+00:00

The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as how much you paid for the investment vs. how much you’re selling it for, whether you held the investment long-term (more than one year) and [...]

May 2017

Donating a vehicle might not provide the tax deduction you expect

2017-05-30T17:04:18+00:00

All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction. Take vehicle donations, for example. If you donate your vehicle, the value of your deduction can vary [...]

Business owners: When it comes to IRS audits, be prepared

2017-05-24T17:36:59+00:00

If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the process. Catching the IRS’s eye Many business audits occur randomly, [...]