Tax Free Fringe Benefits  The tax code has certain types of income that is tax free to the recipient and is fully deductible by the employer. This type of income is called tax-free fringe benefit income. There are various types of fringe benefit income which fall under Code Section 132 of the IRS code. There […]

Home Office Deduction One of the most overlooked and contentious deductions for many taxpayers is the home office deduction. The deduction is overlooked because many taxpayers are unaware that the deduction exists and contentious in that it has been abused by many taxpayers over the years by not knowing the requirements.   Requirements There are […]

RETIREMENT INCOME – INDIVIDUALS One of the basic tenets of tax planning is to have a retirement plan be part of your overall tax plan. The reason for this is because retirement planning involves tax deferral. The whole concept of tax deferral means you delay paying income taxes until a later date and hopefully at […]

Deducting Losses In taxation you can deduct a loss on your individual income tax return. A loss is incurred when total costs or expenses exceed income. There are four types of losses that you can deduct on an individual income tax return: Business loss, passive loss, investment loss, and a casualty and theft loss. As […]

Newsletter – November 2013   As we get towards the end of the year it is a good idea to get an overview of new tax laws that are to take affect for the tax year 2013. There were many new laws that were put into law effective January 1, 2013. There were some major […]

Tax Return Due Dates When it comes to taxes everything revolves around due dates. There are due dates for filing individual income tax returns, business tax returns, employment tax returns, exempt organization returns, and fiduciary returns. It is very important that taxpayers comply by filing their respective returns by the due date otherwise there could […]

Newsletter – September 2013 Medicare Surcharge Tax  One of the significant changes to the tax code taking effect in 2013 is the implementation of the medicare surcharge tax. This new tax was added to the code as part of the healthcare reform act that was passed in June 2010. This additional tax was added to […]

Newsletter – August 2013 Healthcare Reform Act The passing of the healthcare reform act in June 2010 brought with it many changes not just to healthcare but also to the tax code. At its core the healthcare reform act provides most Americans with health insurance. How the health insurance will be issued and administered will […]

Basic Tax Planning Strategies Accelerate deductions. One time tested strategy for small businesses is to accelerate deductions into the current year. As a business gets closer to the end of the year it may be beneficial to accelerate or accumulate deductions for the current year. The way this is accomplished is by paying or accruing […]

Mid Year Tax Planning and Review Individuals. As we enter into summer and the middle of the year this is the time for individual taxpayers to check on their income tax withholding as well as estimated income tax payments. Taxpayers should check their year to date pay stubs to see if they are on target […]