Selling Your Personal Residence   The sale of your personal residence can result in some tax consequences depending on  the cost of the home and what you sold it for. If you sell your home for more than what you bought it for then you will have a gain on sale. If you sell your […]

Gifting of Assets   One common tax planning tool is the gifting of assets. This typically takes place among families and usually involves the gifting of cash or financial instruments. In most cases the gifting is used to transfer assets from one family member to another to reduce a donor’s estate for estate tax purposes. […]

Where Is My Refund?  Tax season is now over and most taxpayers have filed their individual income tax returns by the due date of April 15th. In addition, many of these taxpayers will be receiving income tax refunds. Most of these taxpayers will be receive their refunds in a timely manner but there will be […]

Passive Losses As a taxpayer you have many types of losses that you can deduct on your tax return. These losses can be in the form of capital losses, ordinary losses, casualty losses, and passive losses. Of these types of losses one of the most common is the passive loss and that is what is […]

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 […]