Blog
A Net Operating Loss on Your 2014 Tax Return Isn’t All Bad News
When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs (though of course the specific rules are more complex). If when filing your 2014 income tax return you’ve found that your business had an NOL, there is an upside:...
Industries That Could Be Booming as the Baby Boomers Age
The Baby Boomer generation -- a population "boom" of nearly 80 million people born from 1946 to 1964 -- has been affecting consumer market trends for decades. Now they're ushering in a new wave of trends as they transition to the next stage of their lives as...
Still filing a paper return? Be sure you understand the “timely mailed = timely filed” rule.
The IRS considers a paper return that’s due April 15 to be timely filed if it’s postmarked by midnight on April 15. But dropping your return in a mailbox on the 15th may not be sufficient. For example, let’s say you mail your return with a payment on April 15, but...
Yes, there’s still time to make a 2014 IRA contribution!!!
The deadline for 2014 IRA contributions is April 15, 2015. The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on Dec. 31, 2014). If you haven’t already maxed out your 2014 limit, consider making one of these types...
Do You Need to File a 2014 Gift Tax Return by April 15?
Generally, you’ll need to file a gift tax return for 2014 if, during the tax year, you made gifts: • That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to your U.S. citizen spouse), • That you wish to split with your spouse to take...
Taking Advantage of Tangible Property Safe Harbors
If your business has made repairs to tangible property, such as buildings, machinery, equipment and vehicles, you may be eligible for a deduction on your 2014 income tax return. But you must make sure they were truly “repairs,” and not actually “improvements.” Why?...
Trademark is Not a Verb
Guidelines From a Trademark Lawyer I bet I get one call or email per day from someone wishing to “trademark” something. “Hey, Brad,” they will say, “I want to trademark my new logo. Can you help me with that?” As has become my mantra, I explain to them that...
Should You Forgo a Personal Exemption so Your Child Can Take the American Opportunity Credit?
If you have a child in college, you may not qualify for the American Opportunity credit on your 2014 income tax return because your income is too high (modified adjusted gross income phaseout range of $80,000–$90,000; $160,000–$180,000 for joint filers), but your...
How Open Should You Be About Your Company’s Finances?
You might think keeping financial information under your hat is best for your business, but learning to share could help you and your employees achieve your business goals. AUGUST 04, 2014 Some years ago, I hired an attorney to represent me on a small matter. He...