Planning for Significant Tax Changes

As a result of the likely expiration of the Bush-era tax provisions and the tax increases included in the Affordable Care Act, tax planning is more important now than ever before. Have you devised a game plan so you can take action before the end of the year? Over 20 Bush-era tax provisions are set […]

Incentive Stock Options – Tax Planning a Must

If you have been granted an option to purchase shares of stock by your employer, review the tax consequences before you exercise your option. Incentive stock options are compensation to employees in the form of stock rather than cash. With an incentive stock option (ISO), the employer grants to the employee an option to purchase […]

Independent Contractor or Employee – Which are You?

Worker classification affects how you pay your taxes, and determines how you file your tax return. Have you correctly analyzed all of the relevant facts in your individual situation to determine whether you are an independent contract or an employee? All relevant facts should be considered in deciding if a worker is an independent contractor […]

Individual Mandate Ruled a Tax – How Much Will You Owe?

The United States Supreme Court ruled in a 5-4 decision that the controversial “individual mandate” in the Affordable Care Act is constitutional because the penalty assessed on those without health insurance is actually a tax. So, how much will you owe when this law takes effect in 2014? If your employer provides you with the […]

Expiring Tax Provisions Will Increase Your Tax Bill

At the end of 2012 over 20 individual tax provisions will expire. The result will be an increase in your federal (and in most cases State) income taxes. Do any of these expiring tax provisions affect you? Income tax rates of 10%, 25%, 28%, 33% and 35% 15% top rate on long-term capital gains Dividends […]

Small Business Tax Planning

Have you reviewed and analyzed your interim operating results this year? Every small business needs to review their operations and plan for the future on a continual basis. If you consider doing the following, you will be well on your way to managing your cash flows and minimizing your tax liability. Update your books! If […]

Amending Your Tax Return

Unless you choose to file an extension, you file your individual income tax return by April 15th. Do you think you paid too much? Was your refund smaller than you hoped? Did you receive a tax document you weren’t expecting after you filed? Now is the time to review your tax returns and verify that […]

Your Taxes are Due

April 15th is the due date for individual taxpayers to file their tax returns without an extension. Did you file your return or extension on time? The Internal Revenue Services’ (IRS) Form 4868 is used to apply for an extension to file your federal individual income tax return. To qualify for the extension, you must […]

Have You Overlooked These Tax Deductions?

As the deadline to file your income tax return approaches, you may be scrambling to gather all the documentation for your income and deductions. In your haste, don’t forget these commonly overlooked tax deductions. State sales taxes paid (i.e., use sales taxes paid instead of state income taxes paid if you purchased big-ticket items like […]

Are You a Target for an IRS Audit?

The Internal Revenue Service (IRS) has a new list of audit targets. Are you on their radar? The IRS is focusing on high-income taxpayers, particularly those with income from flow-through entities (i.e., S-corporations, partnerships and trusts), income in excess of $250,000, and receipts of $1 million or more. Your audit risk will also rise if […]