Wake Up – You May Be Losing Some of Your Investments To Taxes Unnecessarily
As tax practicioners we do many tax returns where there are opportunities to save tax money. We talk about these opportunities with clients and just like everything else time slips by and they forget to follow up and then we repeat the process the following year. ...Make Time For Midyear Tax Planning
One benefit of midyear tax planning is that you have a solid foundation for making decisions and enough time to implement them. In addition, because the rules haven’t changed much this year, you can use last year’s tax return as a starting point for 2016...Tax breaks extended retroactively; some are permanent
In mid-December, Congress renewed a long list of tax breaks known as “extenders” that have been expiring on an annual basis. This year many of the rules are retroactive to the beginning of 2015. You may be able to benefit from some of them as you prepare your 2015 federal income tax return.
Three tips to start the tax filing season
Check whether your children need to file a 2015 tax return. They’ll need to file if wages exceeded $6,300, self-employment income was over $400, or investment income exceeded $1,050. When income includes both wages and investment income, other thresholds apply.
Corporate minutes support tax deductions
Well-documented corporate minutes can provide valuable supporting evidence if the IRS questions choices you make on your tax returns. Minutes are especially important when related-party transactions are involved, such as payments, loans, or distributions between the company and you or other owners.