Mar 14, 2017 | Firm Updates, Individual Tax, Retirement Planning, Tax Tips
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...
Mar 7, 2017 | Firm Updates, Individual Tax, Tax Tips
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....
Mar 2, 2017 | Firm Updates, International Tax
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...
Feb 28, 2017 | Firm Updates, Small Business, Tax Tips
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...
Feb 21, 2017 | Firm Updates, Individual Tax, Tax Tips
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...
Feb 14, 2017 | Firm Updates, Individual Tax, Tax Tips
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,...