Filing for an extension isn’t without perils

Filing for an extension isn’t without perils

The federal income tax filing deadline is slightly later than usual this year—April 18—but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension. Extension deadlines Filing for an extension allows you to delay filing...
Entrepreneurs: What can you deduct and when?

Entrepreneurs: What can you deduct and when?

Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. Entrepreneurs are often unaware that many expenses incurred by...

Tips for deducting losses from a disaster, fire or theft

If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.),...

Three income-tax gifting strategies

If your 2015 tax liability is higher than you hoped and you’re ready to transfer some assets to your loved ones, now may be the time to get started. Giving away assets will, of course, help reduce the size of your taxable estate. But with smart income-tax...