Tax Planning and Tips

/Tax Planning and Tips
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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.

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.

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.

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.

Deduction for State and Local Sales Tax Benefits Some, But Not All, Taxpayers

By |January 17th, 2017|

If you live in a locale with no or low income taxes or you purchased a major item (such as a car or boat) in 2016, you might save more tax by deducting state and local sales taxes in lieu of state and local income taxes. Learn more about how this tax break works and whether it can benefit you in this blog post.

File Early to Help Prevent Tax Identity Theft

By |January 10th, 2017|

Do you start thinking about filing your tax return when it gets close to the April deadline? You might even want to file for an extension so you don’t have to send your return in until October. But filing early can help protect you from tax identity theft, a growing scam in which thieves file bogus returns using victims’ Social Security numbers. Learn more in this blog post.