By investing in qualified small business stock (QSB), you can diversify your portfolio and enjoy two valuable tax benefits: Tax-Free Gain Rollovers. If within 60 days of selling QSB stock you buy other QSB stock with the proceeds, you can defer the tax on your capital gains until you dispose of the new stock. The […]
Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016. Don’t Leave Tax Planning for the End of the Year. A tremendous number […]
Yes, the federal income tax filing deadline is slightly later than usual this year – April 18 — but it’s now nearly upon us. So, if you haven’t filed your federal income tax return yet, you may be thinking about an extension. When are the tax extension deadlines? Filing for a tax extension allows you […]
Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away. How Expenses […]
If you suffer damage to your home or personal property, you may be able to deduct casualty losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include losses from […]
If your 2015 tax liability is higher than you’d hoped and you’re ready to transfer some assets to your loved ones, now may be the time to get started. Giving away taxable assets will, of course, help reduce the size of your taxable estate. But with income-tax-smart gifting strategies, it also can reduce your income […]
Tax-advantaged retirement plans allow your money to grow tax-deferred – or, in the case of Roth accounts, tax-free. But your annual IRA contributions are limited by tax law. That means any unused limit can’t be carried forward to make larger IRA contributions in future years. So it’s a good idea to use up as much […]
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 […]
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 […]
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 […]
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 […]
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 […]