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
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
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
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
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
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
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
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
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
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
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
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