2016 Year-end Tax Planning Tips for Individuals

Every year has its own set of challenges when it comes to tax planning. And 2016 will be no exception. In fact, it could be tougher than usual, given recent political developments. With the same party in control of both houses of Congress and the White House, most people expect substantial changes to the tax code. Some of the changes experts are watching for include: Compression and reduction of individual income tax rates Increased standard deduction Additional limitations on itemized deductions Repeal of the Alternative Minimum Tax (“AMT”) Repeal of the Estate Tax Repeal of the Affordable Care Act (“ACA”). Read More.

How Can You Get the Most Value When You Deduct Casualty Losses?

If you or your business gets hit with a theft, disaster, or other major casualty or loss, you can generally claim a deduction on your income tax return. This applies to any of the casualties or losses described in Section 165(i) of the U.S. tax code, including: Property damaged by a storm, fire, car accident, or other similar events Theft Loss on deposits, such as when your financial institution becomes insolvent or bankrupt (which, while not hurricane related, is included in this section of tax code) In the case of a natural disaster, you have the option to deduct your losses for. Read More.

Replacing Property after Disasters: Deadline Extensions and Rules to Know

Did Hurricane Matthew damage any of your property or delay a real estate deal? Specifically, were you planning on taking the gains you made from selling one piece of property and investing that money in another property so you could defer the taxes on your gains? Or, do you need to replace property as a direct result of the storm? Well, there may still be a bright spot for you in the wake of this latest East Coast disaster. The usual deadlines to complete 1031 exchanges (also known as like-kind exchanges) are being extended because of Hurricane Matthew. If the property you were about to buy or sell was located in a federally. Read More.

Special Year-End Tax Tips Video Reveals Important 2016 Tax Topics You’ll Want to Look into

The year 2016 ushered in some great opportunities for businesses to save potentially hundreds of thousands of dollars on their taxes. But with those opportunities come challenges, like knowing how to claim these opportunities properly – and how can you be 100 percent sure you qualify? Check out this quick, 30-minute video to get an overview of some of the biggest tax changes from 2016. It will give you a great idea of what you might qualify for – and what you’ll want to research further. Watch this video if you want to know more about: Tax return due dates for 2017 R&D tax credits Credits. Read More.

Resources for Businesses in Official Federal Disaster Areas of Hurricane Matthew

If you and your business were affected by Hurricane Matthew, there are deadline extensions and resources you should know about. Whether you need more time to file taxes or need to know where to file FEMA claims, use this article as a launching point for finding the help you need. At the end of this article, look for the state where you or your business is located. Under each state, you’ll find links to: IRS declarations of which counties qualify for tax filing extensions Important FEMA declarations State government resources General Information Not sure if you’re eligible for government assistance?. Read More.

Expanded R&D Credit Opportunities for Software Developers and Investors

Businesses that develop or invest in software for their own use may be newly eligible to claim research and development (“R&D”) tax credits or increase the amount of their R&D tax credits, thanks to the Treasury’s publication of the final regulations . The regulations went into effect on October 4, 2016. Businesses that develop or invest in software to sell to customers or to use in the development of their own products have been able to claim these R&D tax credits for a while now. They can claim the credit for costs they incur in the development process. However, businesses that develop software for their own. Read More.

Year-end Benefit Review: What This Retirement Plan Does that Most Others Don’t

As you’re doing your year-end benefits reviews, what would you say about a benefit plan that allows participants to contribute up to $310,000 each year? Tax deferred. Safe from creditors. A plan that’s designed to eliminate the risk of underfunding. It’s IRS approved. And it also: Optimizes retirement benefits for key employees, owners, and even partners Minimizes additional costs Maximizes tax deductions If this sounds like a plan that could solve some of your biggest retirement plan problems (especially for execs and higher-ups in your organization), take a moment to check out the Direct Recognition Variable Investment Plan (VIP for short). It does things others. Read More.

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