Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
Two ACA taxes that may apply to your exec comp
If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options, or non-qualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,”...
Infographic: How to boost the impact of charitable gifts and save more on taxes
Accelerate your retirement savings with a cash balance plan
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper...
Filing Taxes for a Dual Status Year
A dual status year describes the tax year when a foreign individual is a part-year U.S. resident taxpayer. This commonly occurs when a person comes to the United States and becomes a resident during the year or when someone leaves the United States and becomes a...
Medical Practices: Getting Patients in the Door
In the current competitive medical environment, people are presented with a range of options for medical care, so attracting patients is increasingly challenging for physicians. One key to getting patients in the door of your medical practice is to create a marketing...
“Bunching” medical expenses will be a tax-smart strategy for many in 2017
Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction. Because it can be...
Federal and State Tax Impacts of the Sharing Economy
Wolters Kluwer has prepared a special report on the tax impacts of the sharing economy. The sharing, or gig, economy utilizes technology to arrange transactions that generate revenue from an individual's assets, such as cars and homes, or services, such as household...
When Does a Nonresident Alien Need to File a 1040NR?
When does a nonresident alien need to file a 1040NR, U.S. Nonresident Alien Income Tax Return? When might a nonresident alien want to elect to be taxed as a resident alien and file a Form 1040 instead? This week we’ll look into these questions regarding nonresident...
Investors: Beware of the wash sale rule
A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. So if you’ve cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those...
Form 1040NR: When Is Income Considered U.S. Sourced?
U.S. citizens and resident aliens use Form 1040 (or a shorter variation of this form) to report their worldwide income for tax purposes. Nonresident aliens, however, use Form 1040NR to report U.S. source income and calculate any taxes due to the United States. There...