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TAX & ACCOUNTING TALK FROM MPS

The MPS|CPA accounting blog is your home for thoughts on industry trends and issues, news from around the financial world, and much more.

Who Can — And Who Should — Take the American Opportunity Tax Credit?

Who can take the American Opportunity tax credit? If you have a child in college, you may be eligible to claim the credit (up to $2,500) on your 2016 income tax return. Learn more about whether you qualify in this blog post.

By |March 21st, 2017|Categories: Blog, Tax Credits|0 Comments

2016 IRA Contributions — It’s Not Too Late!

There’s still time to make 2016 IRA contributions: The deadline is April 18. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, a 2016 contribution is likely a good idea. Learn more in this blog post.

By |March 14th, 2017|Categories: Blog, IRAs|0 Comments

When an Elderly Parent Might Qualify as Your Adult Dependent

Are you supporting an elderly parent? You might qualify for the adult dependent exemption, which allows a deduction of up to $4,050 per adult dependent claimed on your 2016 tax return. Learn more about this exemption in our latest blog post.

By |March 7th, 2017|Categories: Blog, Tax Breaks|0 Comments

Tangible Property Repair Safe Harbors Help Maximize Deductions

If last year your business made repairs to tangible property, such as buildings, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But make sure they were truly “repairs,” and not actually “improvements,” which must be depreciated over a period of years. Learn more.

By |February 28th, 2017|Categories: Blog, Business Planning|0 Comments

Take All The Mileage Deductions You’re Entitled To – But Not More

You probably know that miles driven for business can be deductible. But did you know you may be able to deduct miles driven for other purposes? Rather than keeping track of the actual cost of operating a vehicle, you can use a standard mileage rate. Learn more in this blog post.

By |February 21st, 2017|Categories: Blog, Tax Planning and Tips|0 Comments

Do You Need to File a 2016 Gift Tax Return by April 18?

Do you need to file a 2016 gift tax return by April 18? The answer depends on the situation, type of gift, and value of the gift. Learn more about requirements and deadlines in our blog post.

By |February 14th, 2017|Categories: Blog, Estate and Gift Taxes|0 Comments