Blog
Selling Rather Than Trading in Business Vehicles Can Save Tax
Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not unusual for its tax basis to be...
The Affordable Care Act and You: Applicable Large Employers
By: Jennifer Schmerer, Staff Accountant We are more than halfway through 2015, the first year of mandatory reporting under the Affordable Care Act (ACA). As the January reporting deadline fast approaches, many employers are still trying to figure out what the ACA...
What You Need to Know Before Donating Collectibles
If you’re a collector, donating from your collection instead of your bank account or investment portfolio can be tax-smart. When you donate appreciated property rather than selling it, you avoid the capital gains tax you would have incurred on a sale. And long-term...
Purposeful Family Man, Accidental Marathoner
Keith Kemble, Staff Spotlight By: Jennifer Deroin Is “marathoner” even a word? Yes, it is. The Merriam-Webster dictionary lists “marathoner” as one who takes part in a marathon. Wikipedia confirms it, so it’s on the internet and must be true. We’ll come back...
Large Employers: Time to Start Planning for ACA Information Reporting
With the U.S. Supreme Court’s June 25 decision upholding the Affordable Care Act (ACA) yet again, employers subject to the act’s information reporting provision can no longer afford to put off planning in the hope that the requirements might go away. Beginning in...
Tax Treatment of NQSOs Differs From That of Their Better-known Counterpart
With nonqualified stock options (NQSOs), if the stock appreciates beyond your exercise price, you can buy shares at a price below what they’re trading for. This is the same as for the perhaps better-known incentive stock options (ISOs). The tax treatment of NQSOs,...
Tread Carefully When Determining Compensation For S Corp. Shareholder-employees
By distributing profits in the form of dividends rather than salary, an S corporation and its owners can avoid payroll taxes on these amounts. Because of the additional 0.9% Medicare tax on wages in excess of $200,000 ($250,000 for joint filers and $125,000 for...
Helping Your Child Buy a Home? Act Soon!
Mortgage interest rates are still at historically low levels, but they’re expected to go up by year end. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that will...
Teens in your family with summer jobs? Set up IRAs for them!
Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many years to let their accounts grow tax-deferred or tax-free. The 2015 contribution limit is the lesser of $5,500 or 100% of...