Itemized Deductions from A to Z, Part 3: Deductions and Taxes
For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. After medical and dental expenses, taxes are the next section on Schedule A. Generally, state and local taxes, real estate taxes, personal property taxes and foreign taxes (real property and income taxes)…
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Itemized Deductions from A to Z, Part 2: Deductions and Medical Expenses
For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. When evaluating the tax benefit of medical expense payments, it is important to know that you must incur significant nondeductible medical expenses before the first dollar becomes deductible. For taxpayers under age…
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Itemized Deductions from A to Z, Part 1: The Basics
For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. All qualifying taxpayers are allowed a standard deduction regardless of actual deductions. For those under 65 years of age, the basic standard deduction for 2014 is $12,400 if married and filing jointly…
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Itemized Deductions: From Common and Easy to Unusual and Tricky
For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. For most taxpayers, questions about what is deductible far outnumber the questions about what is taxable. Why? Most income is reported to you and the IRS shortly after year-end on standard documents…
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Managing Your IT Strategy: Part 2
Technology is a necessary service often overlooked because it’s largely invisible. We’ve talked about the importance of integrating your technology services into the structure of your business. But what does that look like and how much will it cost? Keep it close, or source it out? The next question is should it be done in-house,…
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Managing Your IT Strategy: Part 1
If you are like most service professionals, meetings with your IT team focus on outages, hardware failures, and slow-to-respond servers. Imagine a scenario in which the discussion centers on business development and innovative offerings- less on fixing problems and more on achieving business goals. How do you get from here to there? It’s all about…
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Record Retention: Are you a hoarder?
We’ve all seen (or at least heard of) the A&E reality show Hoarders, where the homeowners have accumulated so much stuff that their houses have become hazards, often with only narrow pathways from room to room. It might not be so blatantly evident, but businesses can be hoarders, too. Maybe there’s an upstairs area or…
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Tax Legislation Update
Last week, the House passed a series of bills under the title “Jobs for America Act of 2014” that more or less represents a tax wish list of business owners, suppliers, and advisors. The full text of the bill can be found here. Here are some the major components: Section 179 business expensing restored to…
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What You Need to Know About Estimated Tax Payments
If you own a pass-through entity (limited liability entity or S corporation), your non-wage income earned through the business is subject to quarterly estimated tax payments. The timing and amount of those payments are subject to a complicated set of rules. Here is what you need to know. When to pay? The IRS calendar is…
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Tax Extenders – What You Need to Know
In addition to being unnecessarily complex, another frustrating aspect of tax compliance is that the rules change every year. 2014 is no exception. Each year, Congress and the President review the tax rules slated for expiration in the upcoming year and, for the most part, enact legislation to extend those rules for the next year….
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