Dec 28, 2016 | Firm Updates, Tax Tips
There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the opportunity will be lost forever. We’re talking about Coverdell Education Savings Accounts...
Dec 14, 2016 | Firm Updates, Individual Tax, Retirement Planning, Tax Tips
A tried-and-true estate planning strategy is to make tax-free gifts to loved ones during life, because it reduces potential estate tax at death. There are many ways to make tax-free gifts, but one of the simplest is to take advantage of the annual gift tax exclusion...
Dec 9, 2016 | Firm Updates, Individual Tax, Small Business
You want to save money. This may sound counterintuitive, because it costs money to hire a CPA. But a good CPA can save you money—sometimes lots of it. CPAs know the latest tax and accounting laws and regulations to help plan for your personal and business finances,...
Dec 7, 2016 | Firm Updates, Small Business
You may be aware of the rule that allows businesses to deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after the end of that year (by March 15 for a calendar-year company). But this favorable tax treatment is not always...
Nov 29, 2016 | Firm Updates, Individual Tax, Tax Tips
Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. To ensure your donations will be deductible on your 2016 return,...
Nov 28, 2016 | Firm Updates, Small Business
In order to take advantage of two important depreciation tax breaks for business assets, you must place the assets in service by the end of the tax year. So you still have time to act for 2016. Section 179 deduction The Sec. 179 deduction is valuable because it allows...