If you’re planning to make significant charitable donations in the coming year, consider a donor-advised fund (DAF). These accounts allow you to take a charitable income tax deduction immediately, while deferring decisions about how much to give – and to whom – until the time is right. Account Attributes A DAF is a tax-advantaged [...]
January 17 Individual taxpayers’ final 2016 estimated tax payment is due. January 31 File 2016 Forms W-2 (“Wage and Tax Statement”) with the SSA and provide copies to your employees. File 2016 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments in box 7 with the IRS and provide copies to recipients. Most employers must file [...]
No one wishes to lose money on an investment. But, if it happens to you, don’t let it get you down. You may be able to lower your tax bill to cheer yourself up. THE BRIGHT SIDE A capital loss occurs when you sell a security for less than your “basis,” generally the original purchase [...]
If you’re a shareholder-employee of an S corporation, you more than likely considered the tax advantages of this entity choice. But those very same tax advantages also tend to draw IRS scrutiny. And the agency has made clear that its interest in S corporations – including possible audits – will continue. WHAT’S THE PROBLEM The [...]
Are you in your 50s or 60s and thinking more about retirement? If so, and you’re still not completely comfortable with the size of your next egg, don’t forget about “catch-up” contributions. These are additional amounts beyond the regular annual limits that workers age 50 or older can contribute to certain retirement accounts. Catch-up contributions [...]
Where did the time go? The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2016 tax liability. Here are seven last-minute tax-saving tips to consider – you just must act by December 31: Pay your 2016 property tax bill that’s due in early 2017. Pay your [...]