Weekly Tax Brief
3 Midyear tax planning strategies for business
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- Published: 18 July 2017 18 July 2017
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 planning for businesses.
Own a vacation home? Adjusting rental vs. personal use might save taxes
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- Published: 12 July 2017 12 July 2017
Now that we’ve hit midsummer, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences:
Read more: Own a vacation home? Adjusting rental vs. personal use might save taxes
Summer is a good time to start your 2017 tax planning and organize your tax records
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- Published: 05 July 2017 05 July 2017
You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next year. Summer is also a good time to set up a storage system for your tax records. Here are some tips:
Read more: Summer is a good time to start your 2017 tax planning and organize your tax records
Claiming a federal tax deduction for moving costs
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- Published: 28 June 2017 28 June 2017
Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that you might be eligible for a federal tax deduction for your moving costs.
Read more: Claiming a federal tax deduction for moving costs
2017 Q3 tax calendar: Key deadlines for businesses and other employers
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- Published: 20 June 2017 20 June 2017
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
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Coverdell ESAs: The tax-advantaged way to fund elementary and secondary school costs
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- Published: 08 June 2017 08 June 2017
With school letting out you might be focused on summer plans for your children (or grandchildren). But the end of the school year is also a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if the children are in grade school or younger.
Read more: Coverdell ESAs: The tax-advantaged way to fund elementary and secondary school costs
Donating a vehicle might not provide the tax deduction you expect
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- Published: 05 June 2017 05 June 2017
All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction.
Read more: Donating a vehicle might not provide the tax deduction you expect
Business owners: When it comes to IRS audits, be prepared
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- Published: 31 May 2017 31 May 2017
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the process.
Read more: Business owners: When it comes to IRS audits, be prepared
Real estate investor vs. professional: Why it matters
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- Published: 16 May 2017 16 May 2017
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward.
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Operating across state lines presents tax risks — or possibly rewards
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- Published: 10 May 2017 10 May 2017
It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible that many businesses quickly find themselves crossing state lines.
Read more: Operating across state lines presents tax risks — or possibly rewards