Deferred Compensation Rules Could Help You Attract, Retain Talent – If You Do It Right

Deferred compensation plans let employees put off receiving wages they’re earning now – so they can (hopefully) be taxed at a lower rate down the road. Deferred compensation also helps employees save their wages for years when they otherwise wouldn’t be earning as much (like at the end of a contract or after retirement) or for years when they anticipate big expenses (like when a child starts college or university). Save money and potentially pay less in taxes – what’s not to love? As an employer, offering a deferred compensation plan can make a big difference in your ability to. Read More.

2016 Year-end Estate Tax Update: Are Death & Taxes Still a Certainty?

The incoming administration and some Republicans in Congress have indicated they would like to scrap the estate tax, which celebrated its 100th anniversary in 2016. Over the last century, the estate tax has been due on estates ranging anywhere from $50,000 to $5.45 million at rates ranging from 10-77 percent, excluding a temporary reprieve from the tax in 2010. Current Tax System The current estate tax exemption is $5.45 million. The limit increases to $5.49 million in 2017. Assets in excess of these limits are taxed at 40 percent. The recent addition of portability rules effectively allows married couples to. Read More.

21st Century Cures Act Makes It Easier for Small Businesses to Offer HRAs – with No Excise Tax

Congress has delivered a last-minute present to small business owners this holiday season in the form of the 21st Century Cures Act . This law, which got wide bipartisan support from both houses of Congress, gives small business owners a way to help pay for their employees’ health insurance without having to sign up for and offer a group plan. Under the 21st Century Cures Act, employers who don’t currently offer a group health plan and who have fewer than 50 full-time and full-time equivalent employees can reimburse employees for health insurance premiums beginning January 1, 2017. The act goes a step further and. Read More.

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.

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