Selling business vehicles can save tax

Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not unusual for its tax basis to be...

Contribute more to your 401(k) in 2015

Contributing to a traditional employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, offers many benefits: Contributions are pretax, reducing your modified adjusted gross income (MAGI), which can also help you reduce or avoid exposure to...

Do you need to worry about estate taxes?

Here’s a simplified way to project your estate tax exposure. Take the value of your estate, net of any debts. Also subtract any assets that will pass to charity on your death. Then, if you’re married and your spouse is a U.S. citizen, subtract any assets you’ll pass...

Late Filing & Late Payment Penalties: What you need to know

All of us are aware that April 15th, was the tax deadline for individuals that did not file an extension. If you are due a refund, there is no penalty for filing your tax return late. However, if you owe tax, and you did not file and pay on time, you will most likely...