Financial Services Blog

The investment interest expense deduction: Less beneficial than you might think

Posted by Nathan Lindemeyer on Thu, Mar 23, 2017 @ 01:04 PM

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make this itemized deduction less beneficial than you might think.

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When an elderly parent might qualify as your dependent

Posted by Nathan Lindemeyer on Tue, Mar 21, 2017 @ 10:32 AM

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return.

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Deduction for state and local sales tax benefits some, but not all, taxpayers

Posted by Beth Overbey on Thu, Mar 16, 2017 @ 03:11 PM

The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made "permanent" a little over a year ago. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as a car or boat.

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Wait a Minute - My 1099 Doesn't Look Quite Right

Posted by Beth Overbey on Tue, Mar 14, 2017 @ 02:10 PM
The rules around Form 1099s are long and can be complex. So what are you supposed to do if someone sends you a 1099 that doesn’t look quite right? Perhaps they made a mistake and put an extra zero on it, taking your income from $2,000 to $20,000! Worse yet, what if it looks like they intentionally put down the wrong amount? Mistakes and fraud both happen, and we will look at how to handle each situation below.
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Tangible property safe harbors help maximize deductions

Posted by Beth Overbey on Fri, Mar 10, 2017 @ 03:59 PM

If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make sure they were truly "repairs," and not actually "improvements."

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Deduct all of the mileage you’re entitled to — but not more

Posted by Nathan Lindemeyer on Thu, Mar 02, 2017 @ 02:42 PM

Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to deduct miles driven for other purposes, including medical, moving and charitable purposes.

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Top Tips to Prepare for Tax Season

Posted by Beth Overbey on Fri, Feb 24, 2017 @ 03:59 PM

It’s here again, the most wonderful time of the year – tax season. Uncle Sam is the reason for the season, and the IRS is ready to give everyone a nice tax bill. Fortunately for you, we have the top tax tips, so you don’t end up with an excessive bill.

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Help prevent tax identity theft by filing early

Posted by Beth Overbey on Thu, Feb 16, 2017 @ 02:29 PM

If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 18 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 16.

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What you need to know about the tax treatment of ISOs

Posted by Beth Overbey on Fri, Feb 10, 2017 @ 01:40 PM

Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex tax rules apply to this type of compensation.

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Accelerating your property tax deduction to reduce your 2017 tax bill

Posted by Beth Overbey on Thu, Feb 02, 2017 @ 03:20 PM

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subject to the alternative minimum tax (AMT) in the current year, accelerating deductible expenses into the current year typically is a good idea. Why?

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