Tax

Updated travel per diem rates went into effect October 1. To simplify record keeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home. Per diem advantages As long as employees properly account for their business-travel expenses, reimbursements are generally tax-free to the employees and deductible […]

If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or non-qualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,” however, is generally more complicated than for salaries, bonuses and traditional employee benefits. And planning gets […]

One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end. Because of […]

Traditionally, taxpayers have looked for ways to make the most of the $14,000 annual gift tax exclusion, and using a Crummey trust is one way to do that. But with the federal gift and estate tax exemption currently at an inflation-adjusted $5.49 million and the possibility of an estate tax repeal, it may seem that […]

One health care arrangement that has been soaring in popularity in recent years has been the pairing of a high-deductible health plan (HDHP) with a Health Savings Account (HSA). The good news is that not only does an HSA provide a tax-advantaged way to pay for health care costs, but it also can help you […]

Any time is a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan. Many people find that they can save more for college through a […]

If you acquire a company, your to-do list will be long, which means you can’t devote all of your time to the deal’s potential tax implications. Tax planning is critical when buying a business. If you neglect tax issues during the negotiation process, the negative consequences can be serious. To improve the odds of a successful […]

When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions, for example, when the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code. If you qualify, providing employee meals could mean a larger IRS deduction. A recent U.S. Tax Court ruling could ultimately […]

TAX RETURN SECURITY: For the 2017 tax year the IRS will be testing a W-2 verification code to increase security when filing tax returns. Tax preparers and those preparing their own returns are urged to enter this code when filing out the W-2 information on their return. Contact us for further information!

Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that you would have been better off if you hadn’t converted […]