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.
To deduct business losses, you may have to prove “material participation”
You can only deduct losses from an S corporation, partnership, or LLC if you “materially participate” in the business. If you don’t, your losses are generally “passive” and can only be used to offset income from other passive activities. Any excess passive loss is...
There’s still time for homeowners to save with green tax credits
The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to save both energy and taxes by making these...
Three Mutual Fund Tax Hazards to Avoid
Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they are commonly found in retirement plans such as IRAs and 401(k)s. But if you hold such funds in taxable accounts, or are considering such investments, beware of these three...
Awards of RSUs can provide tax deferral opportunity
Executives and other key employees are often compensated with more than just salary, fringe benefits and bonuses. They may also be awarded stock-based compensation, such as restricted stock or stock options. Another form becoming more common is restricted stock units...
Throw a company picnic for employees this summer and enjoy larger deductions
Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff, and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses. Deduction limits Generally, businesses are limited to...
Finding the right tax-advantaged account to fund your health care expenses
With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Accounts (HRAs) all provide opportunities for...
Combine business travel and a family vacation without losing tax benefits
Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel. Reasonable and necessary Generally, if...
Stock market volatility can cut tax on a Roth IRA conversion
This year’s stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity: It can allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional IRAs Contributions to a...
How many employees does your business have for ACA purposes?
It seems like a simple question: How many full-time workers does your business employ? But when it comes to the Affordable Care Act (ACA), the answer can be complicated. The number of workers you employ determines whether your organization is an applicable large...
How summer day camp can save you taxes
Although the kids might still be in school for a few more weeks, summer day camp is rapidly approaching for many families. Did you know that sending your child to day camp might make you eligible for a tax credit? The power of tax credits Day camp (but not overnight...