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 [...]
They say timing is everything. And, when it comes to year-end tax planning, this expression certainly holds true for income and expenses. KNOW THE BASICS When you don’t expect to be subject to the alternative minimum tax this year or next, deferring income to next year and accelerating deductible expenses into the current year [...]
The traditional pension may seem like a thing of the past. But many workers are still counting on payouts from one of these “defined benefit” plans in retirement. If you’re among this group, it’s important to start thinking now about how you’ll receive the money from your pension. MAKING A CHOICE Some defined benefit [...]
Many business owners launch their companies from the front lines – as an employee. And it’s not uncommon for owners to stay in that role, working with their staff members to grow the business and guide its strategic direction. Come tax time, however, owner-employees face a variety of distinctive tax planning challenges. PARTNERSHIPS AND [...]
October 17 Personal returns that received an automatic six-month extension must be filed today and any tax, interest, and penalties due must be paid. Electing large partnerships that received an additional six-month extension must file their Forms 1065-B today. If the monthly deposit rule applies, employers must deposit the tax for payments in September for [...]
Bartering may seem like something that happened only in ancient times, but the practice is still common today. And the general definition remains the same: the exchange of goods and services without the exchange of money. Because, in a typical barter transaction, no cash exchanges hands, it’s easy to forget about taxes. But, as one [...]