DOUBLE UP ON TAX BENEFITS BY DONATING APPRECIATED ARTWORK

By | September 16th, 2019|Accounting and Auditing, Taxation|

From a tax perspective, appreciated artwork can make one of the best charitable gifts.  Generally, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit from donating artwork comes from the fact that the [...]

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PLANNING FOR THE NET INVESTMENT INCOME TAX

By | August 30th, 2019|Accounting and Auditing, Taxation|

Despite its name, the Tax Cuts and Jobs Act (TCJA) didn’t cut all types of taxes.  It left several taxes unchanged, including the 3.8% tax on net investment income (NII) of high-income taxpayers. You’re potentially liable for the NII tax if your modified adjusted gross income (MAGI) exceeds $200,000 ($250,000 for joint filers and qualifying [...]

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KNOW A TEACHER? TELL THEM ABOUT THIS TAX BREAK!

By | August 26th, 2019|Accounting and Auditing, Taxation|

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket.  A special tax break allows these educators to deduct some of their expenses.  This educator expense deduction is especially important now due to some changes under the [...]

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TAX DOCUMENT RETENTION GUIDELINES FOR SMALL BUSINESSES

By | August 19th, 2019|Accounting and Auditing, Business|

You may have breathed a sigh of relief after filing your 2018 income tax return (or requesting an extension).  But is your office strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records?  Or perhaps your computer desktop is filled with a multitude of digital tax-related [...]

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CONSIDER THE FLEXIBILITY OF A SELF-DIRECTED IRA

By | August 12th, 2019|Accounting and Auditing, Retirement|

Traditional and Roth IRAs can be relatively “safe” retirement-savings vehicles, depending on what they’re invested in.  But a drawback is that they limit your investment choices.  A self-directed IRA gives you more flexibility in your investment choices but comes with greater risk as well. GAINING MORE CONTROL A self-directed IRA is simply an IRA that [...]

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NO SURPRISES: WHY YOU SHOULD CHECK YOUR TAX BRACKET

By | July 29th, 2019|Accounting and Auditing, Taxation|

Many taxpayers learned some tough lessons upon completing their 2018 tax returns regarding the changes brought forth by the Tax Cuts and Jobs Act (TCJA).  If you were one of them, or even if you weren’t, now’s a good time to check your bracket to avoid any unpleasant surprises next April. Under the TCJA, the [...]

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