When do valuable gifts to charity require an appraisal?
May 15, 2024 | Megan Kosciolek, MST
Do you have a valuable gift that you would like to donate to a charity? It may have to be appraised before you do.
Read MoreMaterial Participation: LLC & LLP Losses
September 3, 2017 | Brian Hare, CPA, CGMA
Material participation is key to Deducting LLC and LLP losses. If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages. But they once also had a significant tax disadvantage: The IRS used to treat all […]
Three Mid-Year Tax Strategies for Business
September 3, 2017 | Brian Hare, CPA, CGMA
Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on […]
Tax Treatment of Fringe Benefits can Vary
September 3, 2017 | Brian Hare, CPA, CGMA
According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services.” But the tax treatment of a fringe benefit can vary dramatically based on the type of benefit. Generally, the IRS takes one of […]
Do You Need to Worry About Estate Taxes?
September 3, 2017 | Brian Hare, CPA, CGMA
Among the taxes that are being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers of wealth at death, hence why it’s commonly referred to as the “death tax.” Its sibling, the gift tax — also being considered for repeal — applies to transfers during life. […]
PATH Act: Will Congress Revive Expired Tax Breaks?
September 3, 2017 | Paula Kennedy, EA
Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back in December of 2015, Congress passed the PATH Act, which made […]
Understanding the Affordable Care Act (ACA) Tax Penalty
August 22, 2017 | Brian Hare, CPA, CGMA
Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly […]
Tax Saving Strategies for Mid-Year
August 22, 2017 | Paula Kennedy, EA
In the quest to reduce your tax bill, year end planning can only go so far. Tax saving strategies take time to implement, so review your options now. These 3 tax saving strategies for mid-year can be very effective: 1. Consider your bracket The top income tax rate is 39.6% for taxpayers with taxable income […]
Understanding the Tax Consequences of Vacation Homes
August 22, 2017 | Paula Kennedy, EA
Do you own a vacation home that you rent out and use personally? Make sure you understand the potential tax consequences of vacation homes: If you rent it out for less than 15 days: You don’t have to report the income. But expenses associated with the rental (such as advertising and cleaning) won’t be deductible. If you […]
Beware the Generation-Skipping Transfer (GST) Tax?
August 21, 2017 | Brian Hare, CPA, CGMA
As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous $5.49 million GST tax exemption, complexities surrounding its allocation can create several tax traps for the unwary. Beware the Generation-skipping transfer tax when transferring assets. GST basics The GST tax is a flat, 40% tax on transfers to “skip persons,” […]
How to Convert Your IRA into a Stretch IRA
August 21, 2017 | Paula Kennedy, EA
The IRA’s value as a retirement planning tool is well known: IRA assets compound on a tax-deferred (or, in the case of a Roth IRA, tax-free) basis, which can help build a more substantial nest egg. But if you don’t need an IRA to fund your retirement, you can use it as an estate planning […]