Income Tax Planning

“Crowdfunding” Raises Tax Issues

crowdfunding

Raising funds in small amounts from a large pool of people, also known as crowdfunding, has become a popular way for budding entrepreneurs to drum up the working capital for pet projects. It seems like everyone from twenty-somethings to stay-at-home parents to retirees are getting in on the act. Here’s how the process works. Let’s…

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Get Familiar With These Estate Planning Documents

estate-planning

Basic estate planning begins with completing documents that allow your last wishes to be carried out as you choose. But are you familiar with the documents you’ll need? Here’s a list of common estate planning documents and their purpose. Advance Directive. Your instructions for end-of-life and quality of life wishes regarding medical treatments. Share your…

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Tax News – 2016 Changes To Note

2016 - Tax Changes To Note

Effective beginning with 2016 taxable years, the de minimis tangible property safe harbor has increased to $2,500 per invoice or item. The change affects regulations issued in 2013 that clarified when your business could expense tangible real and personal business property. Previously, the de minimis safe harbor let you elect to deduct individual capital expenditures…

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Look Into The Tax Breaks For Supporting Adult Relatives

Supporting Adult Relatives

If you helped support your parents or other adult relatives in 2015, tax breaks are available that could lower your taxes. You may be able to claim your relative as a dependent, deduct extra medical expenses, or use a more beneficial tax bracket. Claiming a relative as a dependent. An adult dependent’s gross income must…

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Last-Minute Moves Can Lower Your Tax Bill

Last Minute Moves To Lower Your Tax Bill

Only one month to go until tax filing day! That means you still have time to trim your 2015 tax bill. Here are last-minute moves to consider and deductions to remember. Maximize your 2015 IRA contribution. You have until April 18 (or April 19 if you live in Maine or Massachusetts) to make deductible 2015…

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Last-Minute Tax Savers for Individuals

last-minute

Even though the end of the year is fast approaching, you still have time to trim your 2015 federal income tax bill. Here are suggestions. State and local income taxes. If you prepay certain state and local taxes, you can claim the deduction on your 2015 return. Caution: Analyze your exposure to the alternative minimum…

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Five Year-End Tax Savers For Businesses

business-owner-tax-saving-tips

The year is nearly over, but you can still take action to lower your business income tax during the final months of 2015. Here are five moves to consider. Postpone revenue to 2016. If your business reports on the cash basis, delay billing your customers long enough to ensure that payments will arrive after 2015.…

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Age Matters in Tax Law

happy birthday

Many tax provisions are linked to age, so whenever there’s a birthday in the family, check for changes to take into account as you do your tax planning. Major age milestones include the following: Age     What it means for your taxes Age 13  Beginning at this age, your child no longer qualifies for the child…

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Interest Rates Can Effect Your Taxes

Higher Interest Rates

Do you keep up with fluctuations in interest rates? The IRS does too, and changes in those rates could affect your tax return. For instance, applicable federal rates, or AFRs, are published by the IRS to set a minimum interest rate for certain transactions, such as loans to family members. How does that affect you?…

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Portability Can Simplify Estate Planning

estate planning

Final IRS regulations will help married couples pass more estate assets to heirs without creating complicated trusts. The “portability” rules allow surviving spouses to retain the unused portion of a deceased husband or wife’s estate exemption – if the rules are followed. Here’s what you need to know. The estate tax exemption for 2015 is…

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