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When an Elderly Parent Might Qualify as Your Adult Dependent

By |March 7th, 2017|

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.

Tangible Property Repair Safe Harbors Help Maximize Deductions

By |February 28th, 2017|

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.

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

By |February 21st, 2017|

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.

After-Tax Dollars in Traditional IRAs – February 2017

By |February 16th, 2017|

Workers under age 70½ can deduct contributions to a traditional IRA, as long as they are not covered by an employer’s retirement plan. The same is true for those workers’ spouses. February 2017|Categories: Newsletters Download

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

By |February 14th, 2017|

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.

What You Need to Know About ISO Tax Treatment

By |February 7th, 2017|

Got incentive stock options? A series of complex rules governs their tax treatment. In our latest blog post, you'll learn all about when certain taxes are owed and how to avoid paying penalties.

FASB Simplifies Goodwill Impairment Testing . . . Again

By |February 6th, 2017|

In January 2017, the FASB issued additional revised guidance for goodwill impairment testing that’s intended to make the process easier and less costly. The latest amendments establish a one-step process for testing goodwill for a decrease in value. This article explains what goodwill is, why and how companies test for goodwill impairment, and how the FASB has simplified the process over the years. Though companies welcome a simpler goodwill reporting model, some FASB members have expressed concerns about the latest update.

Never Miss an Important Date With This 2017 Tax Calendar

By |February 1st, 2017|

With so many tax deadlines for businesses and individuals, it can be hard to keep track of what's due when. Stay on top of them all with this 2017 tax calendar, featuring important dates you need to know.

The “Manufacturers Deduction” Isn’t Just for Manufacturers

By |January 31st, 2017|

The Section 199 deduction is often referred to as the “manufacturers’ deduction” because it’s intended to encourage domestic manufacturing. But construction, engineering, architecture, computer software production and agricultural processing businesses also may be eligible. Learn more about eligibility in this blog post.

The Investment Interest Expense Deduction: Less Beneficial Than You Might Think

By |January 24th, 2017|

The investment interest expense deduction may be less beneficial than you thought. Interest on debt used to buy assets held for investment, such as margin debt used to buy securities, generally is deductible for both regular tax and alternative minimum tax purposes. But interest you incurred to produce tax-exempt income, such as from municipal bonds, isn’t deductible. Learn more about this tax break in this blog post.