Tax Planning and Tips

/Tax Planning and Tips
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Claiming a Moving Expenses Deduction on Your Federal Tax Return

By |June 27th, 2017|

Are you eligible for a federal tax deduction for moving costs? You must pass 3 tests. Learn more about these tests and other important factors in deducting moving expenses in our new blog post.

2017 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

By |June 20th, 2017|

During summertime, tax deadlines are probably the last thing on your mind. But there are some important Q3 2017 deadlines that businesses can’t afford to forget about. Here are a few key tax-related deadlines for businesses and other employers during Quarter 3 of 2017.

Pay Attention to the Details When Conducting an Investment Sale

By |June 13th, 2017|

f you don’t pay attention to the details, the tax consequences of selling an investment may be different from what you expect. For example, if you bought the same security at different times and prices and want to sell high-tax-basis shares to reduce gain or increase a loss to offset other gains, be sure to identify which block of shares is being sold. Learn more about what can affect the tax consequences of your sale in this blog post.

Donating a Vehicle Might Not Provide the Tax Deduction You Expect

By |May 31st, 2017|

Your deduction for a vehicle donation depends on what the charity does with it. Before you make your donation, be sure you're aware of the rules on taking charitable deductions. Learn more in this blog post.

Real Estate Professional vs. Investor: Why It Matters

By |May 16th, 2017|

Income and losses from investment real estate or rental property are passive by definition, unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax, and passive losses generally are deductible only against passive income, with the excess carried forward. Learn more about the NIIT in this blog post.

Save or Shred? Tax Document Retention Guidelines for Individuals and Businesses

By |April 27th, 2017|

How long is it necessary to hold on to individual or business tax-related documents? The quick answer is that it depends on the document. Generally, tax-related records should be kept three years after filing a return or three years after the tax return’s original due date, because the IRS generally has that long to commence an audit. But in some cases, the statute of limitations for commencing an audit extends beyond three years. And it’s a good idea to keep some documents for much longer. This article discusses tax-related document retention guidelines for individuals and businesses.

Individual Taxpayers Calendar: Key Deadlines for the Remainder of 2017

By |April 18th, 2017|

Here are a few key tax-related deadlines for individuals through the rest of 2017. Use this calendar and never miss a deadline again.

A Timely Postmark on Your Tax Return May Not Be Enough to Avoid Late Filing Penalties

By |April 11th, 2017|

The 2016 tax return filing deadline for individuals is April 18, and the IRS considers a paper return to be timely filed if postmarked by midnight. If you owe tax, dropping your return, along with a check for the tax due, in a mailbox on the 18th may not be sufficient. Learn more about how you can avoid late filing penalties in this blog post.

Save With Home-Related Tax Deductions and Exclusions

By |April 4th, 2017|

Home ownership comes with many tax-saving opportunities to consider when filing your 2016 return or tax planning for 2017, such as property tax, mortgage interest, home-equity-debt interest and home office deductions and rental income and home-sale gain exclusions. Learn more in this blog post.

Key 2017 Tax Deadlines in Q2 for Businesses and Other Employers

By |March 28th, 2017|

Don't miss the tax deadlines that you need to meet! This blog post lists a few key ones for businesses and other employers during the second quarter of 2017 to help you stay on top of things.