Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years. So it’s a good...
Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable credits are especially for small businesses that offer certain employee benefits. Can you claim one — or both — of them on your 2015 return? Retirement plan credit Small employers (generally those with 100 or...
When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep in mind the available deduction: Cash. This includes not just actual cash but gifts made by...
If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, you need to see which ones you’re eligible for and then claim the one(s) that...
Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility requirements If you’re an employee, your use of your home office must be for your employer’s convenience, not just...
Extension means businesses can take bonus depreciation on their 2015 returns – but should they? Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the...
Leasing cars for your company may make economic sense, but be certain you are clear on the costs and the tax considerations. Here is a video comparing leasing to ownership as well as an article outlining key contract provisions to include if you plan to lease a commercial property....
For those looking to start a business this article contains some important information to discuss with your CPA. http://bza.me/?YS70G6...
An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan. More information is available by visiting the following link: http://bza.me/?21R5KP...
Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings. Find out more at the following link: http://bza.me/?X7ODL5...