Could Deducting State And Local Sales Taxes Save You More?

Posted on February 25, 2014

For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. Although this break hasn’t yet been extended to 2014, it is available … Continue reading →

Short-Term ACA Relief Now Available For Midsize And Large Employers

Posted on February 19, 2014

Recently released IRS final regulations for the Affordable Care Act’s (ACA’s) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, the shared-responsibility provision (commonly referred to as “play-or-pay”) applies to “large” employers — those … Continue reading →

Home Office Deduction 101

Posted on February 6, 2014

If your use of a home office is for your employer’s benefit or because you’re self-employed, you may be able to deduct a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses, as well as the … Continue reading →

File Early To Reduce Your Risk Of Tax Return Fraud

Posted on January 30, 2014

With the well-publicized security breach at major retailer Target recently, identity theft is likely on your mind. And stolen credit isn’t your only risk. In an increasingly common scam, identity thieves use victims’ personal information to file fraudulent tax returns … Continue reading →

Are You Meeting The ACA’s Additional Medicare Tax Withholding Requirements?

Posted on January 23, 2014

Under the Affordable Care Act (ACA), beginning in 2013, taxpayers with FICA wages over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) had to pay an additional 0.9% Medicare tax on the excess earnings. Unlike … Continue reading →

Time For An Estate Plan Checkup

Posted on January 16, 2014

Now that we’re in the new year, it’s time for an estate plan checkup. Why? First, various exclusion, exemption and deduction amounts are adjusted for inflation and can change from year to year, so it’s a good idea to see … Continue reading →

Should You Increase Your Retirement Plan Contributions In 2014?

Posted on December 31, 2013

With the new year upon us, it’s time to start thinking about 2014 retirement plan contributions. Contributing the maximum you’re allowed to an employer-sponsored defined contribution plan is likely a smart move: Contributions are typically pretax. Plan assets can grow … Continue reading →

Why The Self-Employed Should Consider Setting Up A Retirement Plan Before Year End

Posted on December 20, 2013

For 2013, the maximum IRA contribution is $5,500 — $6,500 if you’re age 50 or older on Dec. 31. (The maximum IRA contribution or deduction may be reduced or eliminated depending on various factors.) But if you’re self-employed, you may … Continue reading →

Will Your Donations Be More Powerful This Year?

Posted on December 12, 2013

Maybe. Deductions are more valuable when tax rates are higher, and higher-income taxpayers face higher rates in 2013. But the return of the itemized deduction reduction could make your donation deduction less valuable. Also keep in mind that the amount … Continue reading →

Year-End Tax Planning For Your Investments

Posted on December 6, 2013

While tax consequences should never drive investment decisions, it’s critical that they be considered — especially this year: Higher-income taxpayers may face more taxes on their investment income in the form of the returning 39.6% top short-term capital gains rate … Continue reading →