LPTV Operators Face Uncertainty After March 29 Spectrum Auction
March 7, 2016 Knowledge Center
LPTV Operators Face Uncertainty After March 29 Spectrum Auction

In 1982 the Federal Communications Commission (FCC), the chief regulator of American television, radio, satellite and other forms of telecommunication, created Low Power Television (LPTV). The purpose of LPTV was to provide local-oriented programming for smaller communities. 2,450 LPTV stations were created and licensed primarily to educational, religious and governmental entities. Entrepreneurs have had difficulty […]

2 Benefits-Related Tax Credits for Small Businesses
March 2, 2016 Knowledge Center
2 Benefits-Related Tax Credits for Small Businesses

Tax credits reduce your tax liability dollar-for-dollar, making them particularly valuable. Two valuable tax credits for small businesses also offer certain employee benefits. Can you claim one — or both — of them on your 2015 tax return? Retirement Plan Credit Small employers (generally those with 100 or fewer employees) that create a retirement plan […]

What Types of Charitable Donations Can Be Claimed For Tax Deductions?
February 25, 2016 Knowledge Center
What Types of Charitable Donations Can Be Claimed For Tax Deductions?

When it comes to deducting charitable gifts from your 2015 taxes, all donations are not created equal. As you file your 2015 tax return and plan your charitable giving for 2016, it’s important to keep in mind the available tax deductions. Common charitable donations that can be claimed for tax deductions include: Cash. This includes […]

How to Max Out Education Tax Breaks
February 22, 2016 Knowledge Center
How to Max Out Education Tax Breaks

If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 tax return. To max out your education tax breaks, you’ll need to determine which ones you’re eligible for and then claim the one(s) that will provide the greatest benefit. In most cases […]

How to Deduct Home Office Expenses From Your 2015 Taxes
February 11, 2016 Knowledge Center
How to Deduct Home Office Expenses From Your 2015 Taxes

Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it from your 2015 taxes. Eligibility requirements If you’re an employee, your use of your home office must be for your employer’s convenience, not just your own. If you’re […]

Extension means businesses can take bonus depreciation on their 2015 returns – but should they?
February 3, 2016 Knowledge Center
Extension means businesses can take bonus depreciation on their 2015 returns – but should they?

Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended 50% bonus depreciation through 2017. The break had expired December 31, 2014, for most assets. So the PATH Act may give […]

How filing taxes early helps avoid identity theft
January 28, 2016 Knowledge Center
How filing taxes early helps avoid identity theft

If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year April 18) is just a few weeks — or perhaps even just a few days — away. There’s another date you should keep in mind: January 19. That’s the date the IRS began […]

Why investing in small-business stock may make more tax sense than ever
January 19, 2016 Knowledge Center
Why investing in small-business stock may make more tax sense than ever

By purchasing stock in certain small businesses, you can not only diversify your portfolio but also enjoy preferential tax treatment. And under a provision of the tax extenders act signed into law this past December (the PATH Act), such stock is now even more attractive from a tax perspective. 100% exclusion from gain The PATH […]

Could you save more by deducting state and local sales taxes?
January 12, 2016 Knowledge Center
Could you save more by deducting state and local sales taxes?

For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as a car or boat. […]

Businesses can save on their 2015 returns with 2 extended credits
January 5, 2016 Knowledge Center
Businesses can save on their 2015 returns with 2 extended credits

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended a wide variety of tax breaks, in some cases making them permanent. Extended breaks include many tax credits — which are particularly valuable because they reduce taxes dollar-for-dollar (compared to deductions, for example, which reduce only the amount of income that’s taxed). Here […]

Update to ACA Due Dates
December 29, 2015 Knowledge Center
Update to ACA Due Dates

Under the original provisions of the ACA, the due date for providing Forms 1095 to employees was February 1, 2016. Employers had until February 29, 2016 to file Forms 1094 & 1095 with the IRS (if submitting these forms electronically, the deadline was March 31, 2016). However, on December 28, 2015, the Internal Revenue Service […]

No changes to retirement plan contributions for 2016
December 28, 2015 Knowledge Center
No changes to retirement plan contributions for 2016

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, the limits remain unchanged for 2016: Type of limit 2016 limit Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans $18,000 Contributions to defined contribution plans $53,000 Contributions to SIMPLEs $12,500 Contributions to IRAs $5,500 Catch-up contributions to 401(k), 403(b), 457(b)(2) and […]