Mar 29, 2017 | Firm Updates, Small Business, Tax Tips
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list is not all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you are meeting...
Mar 21, 2017 | Firm Updates, Individual Tax, Tax Tips
If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit—but your child might. There is one potential downside: If your dependent...
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....
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...