Late Filing and Late Payment Tips April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and [...]
2017 Mileage Rates The Internal Revenue Service has issued the 2017 optional standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per [...]
2016 Year-End Letter 2016 is coming to an end and it will soon be time to file income taxes. We look forward to seeing you again as we assist you with your income tax preparation. We have compiled a list of planning tips and suggestions in our year-end letter and recommend that you take [...]
Home Office Deduction Tips If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify, you can claim the deduction whether you rent or own your home. You may use either the simplified method or the regular method to claim your [...]
Capital Gains and Losses – Helpful Facts When you sell a capital asset, the sale normally results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are helpful facts that you should know about capital gains and losses: 1. Capital Assets. [...]
10 Tips For Deducting Losses from a Disaster To mark National Hurricane Preparedness Week, the IRS wants you to know it stands ready to help. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 [...]
Back-to-School Tax Tips With the start of school just around the corner, taxpayers should be aware of the following tax breaks and deductions available for qualifying expenses. Private School Tuition and School Uniforms The cost of private school or parochial school tuition is not deductible. However, the child care component costs of private school [...]
Energy Credit Tips You can trim your taxes and save on your energy bills with certain home improvements. Here are some key facts to know about home energy tax credits: Non-Business Energy Property Credit Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items you added to your [...]
Dependent Care Credit Tips Don't miss out on this tax break if you use a flex plan for child care costs: You can still claim the dependent care credit to the extent your expenses are more than the amount that you pay through your flexible spending account. The maximum amount of dependent care costs [...]
Do I Need a Living Trust? Assets placed in a revocable living trust go directly to your heirs when you die, bypassing the sometimes lengthy and costly process of probate. That can make a living trust a valuable estate planning tool if, for example, you plan to disinherit one of your children or leave [...]
