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IRS Previews Audit Techniques for Tangible Property Regulations

IRS Previews Audit Techniques for Tangible Property Regulations The IRS’s recent Audit Techniques Guide for the Tangible Property Regulations can help business taxpayers avoid problems with IRS examiners in interpreting the 2014 regulations on how to treat expenses incurred for materials, supplies, repairs and maintenance. Most taxpayers have finalized implementation of the Tangible Property Regulations …read more

IRS Issues 2017 Inflation Adjustments for Many Tax Provisions

IRS Issues 2017 Inflation Adjustments for Many Tax Provisions The IRS issued the annual inflation adjustments for 2017 for more than 50 tax provisions as well as the 2017 tax rate tables for individuals and estates and trusts (Rev. Proc. 2016-55). These provisions are used to file tax year 2017 returns in 2018. One of …read more

10 Year-End Tax Planning Tips for Individuals

  Accelerate Deductions and Defer Income It sometimes makes sense to accelerate deductions and defer income. There are plenty of income items and expenses you may be able to control. Consider deferring bonuses, consulting income or self-employment income. On the deduction side, you may be able to accelerate state and local income taxes, interest payments …read more

IRS Announced the 2017 pension contribution limits

IRS Announced the 2017 pension contribution limits  On Thursday October 27th, 2016, IRS announced that the limit on elective deferral for contributions to 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan remains $18,000 for 2017, and the catch-up contribution limit for those 50 and older remains $6,000 (Notice 2016-62). …read more

What You Need to Know About the Child and Dependent Care Tax Credit

Issue Number: IRS Tax Tip 2016-38 Don’t overlook the Child and Dependent Care Tax Credit. It can reduce the taxes you pay. Here are 10 facts from the IRS about this important tax credit: 1. Child, Dependent or Spouse. You may be able to claim the credit if you paid someone to care for your child, …read more

Still Time to Make Your IRA Contribution for the 2015 Tax Year

IRS Tax Tip 2016-39 Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA: Age Rules. You must be under age 70½ …read more

Divorcing?

How to make sure your ex doesn’t end up with your assets After the fireworks comes the paperwork. The legal and financial paperwork brought about by a divorce can be as overwhelming as the emotional strain, with all of the deeds, decrees and debts that need to be re-organized, re-titled and implemented into your life …read more

Home Energy Credits Save Money and Cut Taxes

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 main home last year. …read more

Five things you should know about the child tax credit

The Child Tax Credit is an important tax credit that may save you up to $1,000 for each eligible qualifying child. Be sure you qualify before you claim it. Here are five useful facts from the IRS on the Child Tax Credit: 1. Qualifications. For the Child Tax Credit, a qualifying child must pass several tests: …read more

The Saver’s Credit

Well-kept secret for U.S. taxpayers: the Saver's Credit It sounds too good to be true: some workers can get a double tax benefit by saving for retirement. But the federal Saver’s Credit does just that by providing a second layer of tax incentives for lower-income households beyond the benefit of tax deferral that everyone receives …read more