The say one person’s trash is another person’s treasure. This may hold true when it comes to collectibles – those various objets d’art for which many people will pay good money. But if you’re considering selling or donating some of your precious items, be sure to consider the tax impact on your 2017 return. Sales [...]
The clock is ticking down to the tax filing deadline. The good news is that you still may be able to save on your impending 2017 tax bill by making contributions to certain retirement plans. For example, if you qualify, you can make a deductible contribution to a traditional IRA right up until the April [...]
If your business has acquired, constructed or substantially improved a building recently, reconsider a cost segregation study. One of these studies can enable you to identify building costs that are properly allocable to tangible personal property rather than real property. And this may allow you to accelerate depreciated deductions, reducing taxes and boosting cash flow. [...]
As you file your 2016 income tax return, you may be wondering whether you’re eligible for tax breaks related to a niece you lives with you, or perhaps a stepson who spends only party of the year in your home. It all depends on whether, for federal tax purposes, that person is your “qualifying child.” [...]
Today’s technology makes self-employment easier than ever. But if you work for yourself, you’ll face some distinctive challenges when it comes to your taxes. Here are some important steps to take: Learn your liability. Self-employment tax, which means they must pay both the employee and employer portions of FICA taxes. The good news is that [...]
Year end may seem far away. But now’s a good time to start looking ahead to what itemized deductions you may be able to claim for the 2016 tax year. Following is a list of selected deduction and exclusion items to consider. Don’t use the list as a tax planning worksheet. Rather, think of it [...]