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Highlights of the Further Consolidated Appropriations Act Tax Law Changes

Posted on December 23 2019 by DMLO CPAs

The federal government spending package titled the Further Consolidated Appropriations Act 2020 does more than just fund the government. It extends certain income tax provisions that had already expired or that were due to expire at the end of 2019. … Continue reading →

Posted in Featured, Tax Alerts | Tagged Further Consolidated Appropriations Act, SECURE Act, tax extenders, tax planning, tax tips, year end tax planning | Leave a comment

Tax Extenders and SECURE Act Bills Expected To Pass

Posted on December 18 2019 by DMLO CPAs

Two important tax bills – the Taxpayer Certainty and Disaster Relief Act of 2019 and the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act ) – are attached to a year-end appropriations bill making its way through Congress. It … Continue reading →

Posted in Featured, Tax Alerts | Tagged required minimum distribution, SECURE Act, Setting Every Community Up for Retirement Enhancement Act, tax extenders, Taxpayer Certainty and Disaster Relief Act, year end tax planning | Leave a comment

2017 Year-End Tax Planning: The Final Stretch

Posted on November 29 2017 by DMLO CPAs

Year-end tax planning can provide a good way to lower a tax bill that will otherwise be waiting when you file your 2017 tax return in 2018. Since tax liability is primarily keyed to each calendar tax year, once December … Continue reading →

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Year-End Tax Planning Challenges, 2017 Edition

Posted on October 26 2017 by DMLO CPAs

As the end of 2017 approaches, the prospect of dramatic tax reform makes year-end tax planning especially challenging for businesses. In late September, the Trump administration and Republican congressional leaders unveiled their Unified Framework for Fixing Our Broken Tax Code. … Continue reading →

Posted in DMLO Report | Tagged tax reform, unified framework, year end tax planning | Leave a comment

Managing Tax Basis On Stock Sales

Posted on September 19 2017 by Steve Custer

A recent Tax Court decision and pending tax reform proposals have intersected in highlighting how stock sales can be timed for maximum tax advantage. The taxpayer in the recent case (Turan, TC Memo. 2017-141) failed to convince the Tax Court … Continue reading →

Posted in DMLO Report | Tagged FIFO, LIFO, tax basis on stock sales, tax reform, tax tips, year end tax planning | Leave a comment

Lunch and Learn: Tax Planning & Trump Impact

Posted on December 15 2016 by DMLO CPAs

Jeff Calderon and Bea Rosenberg were invited to share insights on tax planning and the anticipated Trump impact on proposed tax reform, at the December Hurstbourne Area Business Association Lunch and Learn. Jeff’s year end tax planning tips covered much of the information … Continue reading →

Posted in DMLO Report | Tagged A Better Way blueprint, tax tips, Trump Tax Plan, year end tax planning | Leave a comment

2016 Year End Tax Strategies With Tax Cuts On The Horizon

Posted on December 15 2016 by Jeff Calderon

There is a strong possibility that federal tax cut legislation will become law sometime in 2017. It could also be delayed until 2018 due to difficult negotiations or intervening events, or it could eventually be tabled indefinitely, except for a few … Continue reading →

Posted in DMLO Report | Tagged A Better Way blueprint, tax tips, Trump Tax Plan, year end tax planning | Leave a comment

Y/E Tax Tip: Sell Investments At A Loss To Offset Capital Gains

Posted on December 2 2016 by DMLO CPAs

Selling investments that are currently worth less than what you paid for them and are held in taxable brokerage accounts may allow you to lower your 2016 tax bill. Why? Because you can offset the resulting capital losses against capital … Continue reading →

Posted in Tax Bites | Tagged capital gains, capital losses, investments, tax tips, year end tax planning | Leave a comment

Y/E Tax Tip: Take Advantage Of 50% First-Year Bonus Depreciation

Posted on December 1 2016 by DMLO CPAs

For qualified new assets (including software) that your business places in service in calendar year 2016, you can claim 50% first-year bonus depreciation. (Used assets don’t qualify.) This break is available for the cost of new computer systems, purchased software, … Continue reading →

Posted in Tax Bites | Tagged bonus depreciation, tax tips, year end tax planning | Leave a comment

Y/E Tax Tip: Elect Sec. 179 On Fixed Asset Purchases

Posted on November 30 2016 by DMLO CPAs

Sec. 179 of the Internal Revenue Code is very beneficial if you need to purchase fixed assets, such as equipment, software and leasehold improvements. For tax years that begin in 2016, the maximum Sec. 179 first-year depreciation deduction is $500,000. … Continue reading →

Posted in Tax Bites | Tagged Sec. 179, tax tips, year end tax planning | Leave a comment

Y/E Tax Tip: Buy Heavy Vehicles

Posted on November 29 2016 by DMLO CPAs

Purchasing a gas-guzzling SUV, pickup or van for your business may be seen as bad for the environment. But these heavy vehicles can be useful if you need to haul people, equipment and other things around as part of your … Continue reading →

Posted in Tax Bites | Tagged bonus depreciation, heavy vehicle, Sec. 179, tax tips, year end tax planning | Leave a comment

Y/E Tax Tip: Defer Corporate Income and Accelerate Expenses

Posted on November 28 2016 by DMLO CPAs

If your business operates as a regular C corporation, corporate tax rates for 2017 are currently scheduled to be the same — IF the new Congress makes no tax law changes. With an expectation that your corporation will pay the … Continue reading →

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Individual Year End Tax Planning Ideas

Posted on November 24 2014 by Stephen Kraft

As we approach year end, it’s again time to focus on last-minute moves you can make to save taxes — both on your 2014 return and in future years. Here are a few ideas. Maximize the benefit of the standard … Continue reading →

Posted in DMLO Report, Tax Bites | Tagged tax tips, year end tax planning | Leave a comment