Blog
Consider the Sec. 83(b) Election to Save Tax on Restricted Stock Awards
Restricted stock is stock that’s granted subject to a substantial risk of forfeiture. Income recognition is normally deferred until the stock is no longer subject to that risk or you sell it. You then pay taxes on the stock’s fair market value at your...
Who’s Subject to the 50% Limit on Meal and Entertainment Deductions?
In general, when meal and entertainment expenses are incurred in the context of an employer-employee or customer–independent contractor relationship, one party will be subject to a 50% limitation on the meal and entertainment deductions. But which party? Last year,...
Summer Day Camp May Save You Taxes
The passing of Memorial Day marks the beginning of summer in the minds of many Americans. Although the kids might still be in school for another week or two, summer day camp is rapidly approaching for many families. If yours is among them, did you know that sending...
What to do With Your Old Retirement Plan When You Change Jobs
First and foremost, don’t take a lump-sum distribution from your old employer’s retirement plan. It generally will be taxable and, if you’re under age 59½, subject to a 10% early-withdrawal penalty. Here are three alternatives: 1. Stay put. You may be able to leave...
Three Tax Traps When Donating Real Estate to Charity
If you’re considering donating a property to charity, here are three potential tax traps you need to be aware of: 1. If you donate real estate to a public charity, you generally can deduct the property’s fair market value. But if you donate it to a private...
Softening the Blow of Higher Taxes on Trust Income
This year, trusts are subject to the 39.6% ordinary-income rate and the 20% capital gains rate to the extent their taxable income exceeds $12,150. And the 3.8% net investment income tax applies to undistributed net investment income to the extent that a trust’s...
40 Years of Striving for Excellence
Fulfilling The Legacy By: Jennifer Deroin What does it take to make it 40 years in business? "A combination of perseverance, hard work, and vision, along with the blessing of good employees, loyal clients, a true desire to serve others, and the blessing of God"...
Your 2013 tax return is filed. What records can you toss?
The short answer is: none. You need to hold on to all of your 2013 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge. At minimum, keep tax records for as long as the IRS has the...