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.
2016 IRA contributions—it’s not too late!
Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea. Benefits...
When an elderly parent might qualify as your dependent
It’s not uncommon for adult children to help support their aging parents. If you are in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return....
Linda Bruckner Publishes Article on U.S. Tax Implications of Working Overseas
Please click here to read Linda’s Bruckner’s article “U.S. Tax Implications of Working Overseas—What You Need to Know.” This article originally appeared in the March 2017 TaxStringer and is reprinted with permission from the New York State Society of Certified Public...
Tangible property safe harbors help maximize deductions
If your business made repairs to tangible property such as buildings, machinery, equipment, or vehicles last year, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make sure they were truly “repairs” and not actually...
Deduct all of the mileage you’re entitled to—but not more
Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to deduct miles driven for other...
Do you need to file a 2016 gift tax return by April 18?
Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making a gift,...
What you need to know about the tax treatment of ISOs
Incentive stock options (ISOs) allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However,...
Partner Linda Bruckner Publishes International Tax Article in the NYSSCPA TaxStringer
Please click here to read Linda's Bruckner's article "Tax Implications of Purchasing Real Estate from a Foreign Person—What You Need to Know." This article originally appeared in the February 2017 TaxStringer and is reprinted with permission from the New York State...
The “manufacturers’ deduction” isn’t just for manufacturers
The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the manufacturers’ deduction. But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies. Sec. 199...
Sciarabba Walker & Co., LLP Launches International Tax Blog
We are pleased to announce the launch of our new International Tax Blog. The blog features original content written by members of our International Tax Group. Each week, a new blog post examines a specific international tax issue and how it affects individuals or...