Weekly Tax Brief

There’s still time for homeowners to save with green tax credits

Details: Published: 20 July 2016 20 July 2016

The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to save both energy and taxes by making these eco-friendly investments.

3 mutual fund tax hazards to watch out for

Details: Published: 11 July 2016 11 July 2016

Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if you hold such funds in taxable accounts, or are considering such investments, beware of these three tax hazards:

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Awards of RSUs can provide tax deferral opportunity

Details: Published: 30 June 2016 30 June 2016

Executives and other key employees are often compensated with more than just salary, fringe benefits and bonuses: They may also be awarded stock-based compensation, such as restricted stock or stock options. Another form that’s becoming more common is restricted stock units (RSUs). If RSUs are part of your compensation package, be sure you understand the tax consequences — and a valuable tax deferral opportunity.

Throw a company picnic for employees this summer and enjoy larger deductions

Details: Published: 22 June 2016 22 June 2016

Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses.

Finding the right tax-advantaged account to fund your health care expenses

Details: Published: 15 June 2016 15 June 2016

With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts? Here’s an overview:

Combine business travel and a family vacation without losing tax benefits

Details: Published: 13 June 2016 13 June 2016

Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel.

Stock market volatility can cut tax on a Roth IRA conversion

Details: Published: 06 June 2016 06 June 2016

This year’s stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity: It can allow you to convert your traditional IRA to a Roth IRA at a lower tax cost.

How many employees does your business have for ACA purposes?

Details: Published: 24 May 2016 24 May 2016

It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated.

The number of workers you employ determines whether your organization is an applicable large employer (ALE). Just because your business isn’t an ALE one year doesn’t mean it won’t be the next year.

How summer day camp can save you taxes

Details: Published: 18 May 2016 18 May 2016

Although the kids might still be in school for a few more weeks, summer day camp is rapidly approaching for many families. If yours is among them, did you know that sending your child to day camp might make you eligible for a tax credit?

Putting your home on the market? Understand the tax consequences of a sale

Details: Published: 10 May 2016 10 May 2016

As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the market. After all, in many locales, summer is the best time of year to sell a home. But it’s important to think not only about the potential profit (or loss) from a sale, but also about the tax consequences.

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