Can You Deduct Home Office Expenses?
January 24, 2018 Knowledge Center
Can You Deduct Home Office Expenses?

Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under the TCJA For employees, home office expenses are a miscellaneous itemized deduction. For 2017, this […]

Tax Cuts and Jobs Act
December 29, 2017 Knowledge Center
Tax Cuts and Jobs Act

The recent passage of the “Tax Cuts and Jobs Act” (TCJA) means substantial changes for everyone. With a few exceptions, the changes for individuals are effective for tax years beginning after December 31, 2017 and expiring on January 1, 2026. Many of the entity changes are permanent. It was rumored at one time that the […]

401(k) Retirement Plan Contribution Limit Increases for 2018
December 19, 2017 Knowledge Center
401(k) Retirement Plan Contribution Limit Increases for 2018

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who’re already maxing out their contributions is that the 401(k) limit has gone up by $500. The only other limit that has increased from the 2017 […]

What You Need to Know About Year-End Charitable Giving in 2017
December 12, 2017 Knowledge Center
What You Need to Know About Year-End Charitable Giving in 2017

Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year to ensure you receive the tax benefits you desire. Delivery date To be deductible on your […]

7 Last-Minute Tax-Saving Tips
December 5, 2017 Knowledge Center
7 Last-Minute Tax-Saving Tips

The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31: Pay your 2017 property tax bill that’s due in early 2018. Make your January 1 mortgage payment. Incur deductible medical expenses (if your deductible medical expenses […]

2 ACA Taxes That May Apply To Your Exec Comp
November 17, 2017 Knowledge Center
2 ACA Taxes That May Apply To Your Exec Comp

If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options, or nonqualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,” however, is generally more complicated than for salaries, bonuses and traditional employee benefits. And planning […]

Why You May Want to Accelerate Your Property Tax Payment into 2017
November 14, 2017 Knowledge Center
Why You May Want to Accelerate Your Property Tax Payment into 2017

Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax legislation might reduce or eliminate the benefit of the property tax deduction beginning in 2018. […]

Could the AMT boost your 2017 tax bill?
November 7, 2017 Knowledge Center
Could the AMT boost your 2017 tax bill?

A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer (and in some cases permanently reduce) your taxes. But there are exceptions. One is if the additional deductions this year trigger the alternative minimum tax (AMT). Complicating matters for 2017 is the fact that tax legislation might […]

The Ins and Outs of Tax on “Income Investments”
October 31, 2017 Knowledge Center
The Ins and Outs of Tax on “Income Investments”

Many investors, especially more risk-averse ones, hold much of their portfolios in “income investments” — those that pay interest or dividends, with less emphasis on growth in value. But all income investments aren’t alike when it comes to taxes. So it’s important to be aware of the different tax treatments when managing your income investments. […]

Weigh Your Options For Cashing In On Outstanding Invoices
October 20, 2017 Knowledge Center
Weigh Your Options For Cashing In On Outstanding Invoices

How long will you take to collect the outstanding receivables that are reported on your balance sheet? Many companies take weeks or even months to collect invoices from customers. Fortunately, there are ways to convert them into cash now. Line of credit A line of credit can help bridge the “cash gap” between performing work […]

“Bunching” Medical Expenses May Be A Tax-Smart Strategy For 2017
October 3, 2017 Knowledge Center
“Bunching” Medical Expenses May Be A Tax-Smart Strategy For 2017

Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction. Because it can be difficult to exceed the floor, a common strategy is to “bunch” […]

How to Prevent “Founder’s Syndrome” From Impeding Your Succession Plan
September 22, 2017 Knowledge Center
How to Prevent “Founder’s Syndrome” From Impeding Your Succession Plan

Are you the founder of your company? If so, congratulations — you’ve created something truly amazing! And it’s more than understandable that you’d want to protect your legacy: the company you created. But, as time goes on, it becomes increasingly important that you give serious thought to a succession plan. When this topic comes up, […]