Tax planning strategies for individuals this year include postponing income and accelerating deductions, as well as careful consideration of timing related investments, charitable gifts, and retirement planning. General tax planning strategies that taxpayers might consider include the following: Sell any investments on which you have a gain or loss this year. For more on this, see Investment Gains and Losses, below. If you anticipate an increase in taxable income in 2016 and are expecting a bonus at year-end, try to … Read More
Choosing the Right Business Entity
When you decide to start a business, one of the most important decisions you’ll need to make is choosing the right business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face. Forms of Business The most common forms of business are Sole Proprietorships, Partnerships, Limited Liability Companies (LLCs), and Corporations (C-Corporations). Federal tax law also recognizes another business … Read More
Tax Brackets, Deductions, and Exemptions for 2016
More than 50 tax provisions, including the tax rate schedules, and other tax changes are adjusted for inflation in 2016. Let's take a look at the ones most likely to affect taxpayers like you. The tax rate of 39.6 percent affects singles whose income exceeds $415,050 ($466,950 for married taxpayers filing a joint return), up from $413,200 and $464,850, respectively. The other marginal rates--10, 15, 25, 28, 33 and 35 percent--and related income tax thresholds--are found at IRS.gov. The standard ... Read More
Six Tax Tips for Year-End Charity
Thinking of making a charitable donation during the holiday season this year and want to claim a tax deduction for your gifts?
2015 Tax Provisions for Businesses: A Review
Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2015.
2015 Tax Provisions for Individuals: A Review
What individuals and families need to know about tax provisions for 2015.
What Employers Need To Know About The ACA
The healthcare law contains tax provisions that affect employers. The size and structure of a workforce--small or large--helps determine which parts of the law apply to which employers. Calculating the number of employees is especially important for employers that have close to 50 employees or whose workforce fluctuates during the year. The number of employees an employer has during the current year determines whether it is an applicable large employer for the following year. Applicable large employers (ALEs) are generally ... Read More
2015 Year-End Business Tax Planning
Business tax planning gets more important as the sun begins to set on 2015. While the fate of several business-related tax extenders that expired at the end of 2014 is uncertain, there are still year-end business tax planning strategies to reduce the tax burden for 2015.
Individual Tax Planning for 2015
Tax planning strategies for individuals for 2015 include income and deductions timing, as well as careful consideration of timing related investments, charitable gifts, and retirement planning.