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.
Putting your home on the market? Understand the tax consequences of a sale
As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the market. After all, in many locales, summer is the best time of year to sell a home. But it’s important to think not only...
QSB stock offers two valuable tax benefits
By investing in qualified small business (QSB) stock, you can diversify your portfolio and enjoy two valuable tax benefits: 1. Tax-free gain rollovers. If within 60 days of selling QSB stock you buy other QSB stock with the proceeds, you can defer the tax on your gain...
Unexpected retirement plan disqualification can trigger serious tax issues
It’s not unusual for the IRS to conduct audits of qualified employee benefit plans, including 401(k)s. Plan sponsors are expected to stay in compliance with numerous, frequently changing federal laws and regulations. For example, have you identified all employees...
Why it’s time to start tax planning for 2016
Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But for maximum tax savings, now is the time to start tax planning for 2016. More opportunities A tremendous number of...
Which 2015 tax records can you toss once you’ve filed your return?
The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge. The three-year rule At minimum, keep tax records for as long as the...
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?
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.),...
Make a 2015 contribution to an IRA before time runs out
Tax-advantaged retirement plans allow your money to grow tax-deferred—or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years. So it’s a...
Two benefits-related tax credits just for small businesses
Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable credits are especially for small businesses that offer certain employee benefits. Can you claim one—or both—of them on your 2015 return? Retirement plan credit Small...