Category: Tax Filing

Consider Section 179 Deductions for Real Estate Expenses

The Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn’t a no-brainer. Here are the pros and cons. Section 179 Deductions: The Basics The Sec. 179 deduction allows you to write off qualified expenses in the year […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

Seniors: Consider These Tax Breaks When Filing for 2016

Are you an “experienced” taxpayer? Here are a couple of age-based tax breaks that seniors shouldn’t overlook when filing their 2016 returns. 1. Claim Your Rightful Medical Expense Deductions If you’re 65 years of age or older, you may have fallen into the habit of automatically claiming the standard deduction instead of itemizing your deductions. […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

Handling Interest Expense on Loans to Inject Capital

There are instances when you can write off interest on personal loans used for business purposes, such as injecting capital into an S corporation, multi-member LLC, partnership or C corporation. But keep in mind that interest expenses must be classified into one of four categories (see box at the bottom of this article for details). Different […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

Remember RMDs this Tax Season

  Did you know that, once you turn age 70½, you must start taking mandatory annual withdrawals from your traditional IRAs, including any simplified employee pension (SEP) accounts and SIMPLE IRAs that you set up as a small business owner? Beyond Your IRAs Different rules and conditions may apply to RMDs from inherited accounts and […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

Employ Joint Tax Liability for Leased Employees

A company can use workers provided through an employee leasing company or professional employer organization (PEO) to save money on benefits such as health and life insurance, as well as administrative costs. Employee Leasing Versus Traditional Staffing Services With an employee leasing firm or PEO, companies outsource the management of duties, including human resources, employee benefits, payroll and workers’ […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

Debt or Equity? New Guidance Helps You Decide

Corporations can generally deduct interest on debts for federal tax purposes. A valid obligation exists if the parties intended to create a debt, and the debt is enforceable and unconditional. In contrast, a capital contribution is a direct or indirect contribution of cash or other property to the capital of a business entity. Generally, a contribution […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

The Joint Committee on Taxation (JCT) is a nonpartisan Congressional committee that, among other things, assists in the analysis and drafting of proposed federal tax legislation and prepares reports that interpret newly enacted federal tax legislation. The JCT recently issued the Overview of the Federal Tax System as in Effect for 2016. Here are the details of […]

Posted In: Business, Tax Advisor, Tax Deductions, Tax Filing

New Version of Form I-9 Issued

The U.S. Citizenship and Immigration Services (USCIS) has issued a new version of Form I-9, “Employment Eligibility Verification,” that is dated November 14, 2016 and has an August 31, 2019 expiration date. Employers must use the new form beginning on January 22, 2017. Until then, the version dated March 8, 2013 may also be used. Form […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

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