Tax Planning
Reduce Taxes Now! Take Steps Before Dec. 31st!
If you wait until April 15th to try and reduce your 2015 income tax, there will be very few things you can do. Review your tax situation now, before December 31st, and take action to minimize your 2015 income tax. There is some uncertainty in which tax provisions Congress may decide to extend, but the…
Read MoreCongress is Doing Nothing About Taxes… Again!
Updated 11/19/2015: My article below addresses the bigger issue behind the annual tax-extender dance that takes place in Washington DC. Once again, we sit waiting for Congress to punch our card so that we can move off our seats. This is not just a current issue. It is an on-going large problem, and it is…
Read MoreSection 179 Deduction
When you purchase property or equipment, you utilize these assets over a period of several years (their “useful life”). Depreciation is the process of expensing or deducting the cost over the useful life of the asset rather than the entire amount in the year of purchase. Illustration of business financials information without depreciation:…
Read MoreAdjust Your Payroll Withholding with Form W-4
Clients often ask , “How many allowances should I claim on my W-4?”. This may sound like a simple question, but it is very difficult to answer. The bottom portion of page 1 Form W-4 (the portion you give your employer) appears to be very straight forward. You can check in Box 3 whether you…
Read MoreMinimize 2013 Income Tax Now. Don’t Wait Until April 15th.
If you wait until April 15th to try and reduce your 2013 income tax, there will be very few things you can do. Now, before December 31st, review your situation and take action to minimize your 2013 income tax. Unlike the end of 2012, Congress isn’t still debating tax law changes. We know what the…
Read MoreEquipment & Property Purchases: Expense or Capitalize?
You just purchased computer equipment. Can you expense the purchase this year? Or must you capitalize the purchase? T.D. 9636 came out in September 2013 and was published in Internal Revenue Bulletin 2013-43 on October 21, 2013. It “contains final regulations that provide guidance on the application of sections 162(a) and 263(a) of the Internal…
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