The De Minimis Safe Harbor election for repairs and capitalization policies increased from $500 to $2500 per item for businesses without audited financial statements. This is a federal annual election that will require a review of client’s record of purchases and business activity each year to determine the amount to elect up to $2500 under […]
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2016 BUSINESS CLIENT – YEAR-END CHECKLIST
Please gather the following information for us to complete your business tax return: Back up disk – after final bank reconciliation(s) completed on system If applicable, verify year-end Accounts Payable on your system is correct (bills you were invoiced for but did not pay as of 12-31) If applicable, verify year-end Accounts Receivable on your […]
Year End Payroll and Form 1099 Information
We want to remind you of some important information to help in this year-end’s tax filings. Please read thoroughly, for there are many important changes. FORM 1099’S Please review your records to determine if any Form 1099’s are required to be prepared and mailed by 1/31/2017 to non-corporate companies (including LLC’s and/or individuals) who provided […]
Am I Having Enough Withheld?
If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during the year. By comparison, if you owe taxes when you file your return, you may […]
Early Returns – How US Markets Reacted to Presidential Election
On November 8, 2016, Republican candidate Donald J. Trump won a closely contested election for president of the United States. Late on election night, when it became evident that Trump was likely to win despite consistently trailing in the polls, foreign markets went into a deep dive.1 Many observers expected a similar reaction when the […]
Will vs. Trust: Is One Better Than the Other?
When it comes to planning your estate, you might be wondering whether you should use a will or a trust (or both). Understanding the similarities and the differences between these two important documents may help you decide which strategy is better for you. What is a will? A will is a legal document that lets […]
What changes can I make during this year’s Medicare Open Enrollment Period?
Each year, current Medicare beneficiaries can make changes to their Medicare coverage for the following year during the Medicare Open Enrollment Period that starts on October 15 and runs through December 7. Because this period is the only time during the year that all people with Medicare can make changes to their health and prescription […]
Tax Update Alert: November 2016
We have recently attended business tax update classes and wanted to alert you to some important new compliance requirements: The new 1099 Penalties and due dates Congress has gotten serious about not issuing 1099s. Penalties can be as much as $260 per each 1099 filed late, incomplete or incorrectly filed forms depending upon the number […]
Ten Year End Tax Tips
Deductions may be limited for those with high incomes If your adjusted gross income (AGI) is more than $259,400 ($311,300 if married filing jointly, $155,650 if married filing separately, $285,350 if filing as head of household), your personal and dependent exemptions may be phased out, and your itemized deductions may be limited. If your 2016 […]
Top Year-End Investment Tips
Three tips on year-end giving You may be able to sidestep capital gains taxes and get a deduction by making a charitable donation of securities that have risen in value but no longer fit your strategy. If you make a charitable donation of an investment that’s worth less than you paid, you can only deduct […]
