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  2. Generally, you must file Form X within three years from the date you filed your original tax return or within two years of the date you paid the tax, whichever is later. For example, the last day for most people to file a claim for a refund is April 17, Special rules may apply to certain claims. Please call the office if.:
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Many students do odd jobs over the summer to make extra cash. If this is your child's situation, keep in mind that earnings received from self-employment are also subject to income tax. This includes income from odd jobs such as babysitting and lawn mowing. This tax pays for benefits under the Social Security system. Social Security and Medicare benefits are available to individuals who are self-employed just as they are to wage earners who have Social Security tax and Medicare tax withheld from their wages.

The self-employment tax is figured on Form , Schedule SE. Subsistence allowances paid to ROTC students participating in advanced training are not taxable.

However, active duty pay--such as pay received during summer advanced camp--is taxable. Special rules apply to services performed as a newspaper carrier or distributor. As direct seller, your child is treated as being self-employed for federal tax purposes if the following conditions are met: Generally however, newspaper carriers or distributors under age 18 are not subject to self-employment tax. A summer work schedule is sometimes a patchwork of odd jobs, which makes for confusion come tax time.

Contact the office if you have any questions at all about income your child earned this summer season. National Hurricane Season is officially in progress. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are ten tips you should know about deducting casualty losses:.

You may be able to deduct losses based on the damage done to your property during a disaster. A casualty is a sudden, unexpected or unusual event. This may include natural disasters like hurricanes, tornadoes, floods and earthquakes. It can also include losses from fires, accidents, thefts or vandalism.

Normal wear and tear. A casualty loss does not include losses from normal wear and tear. It does not include progressive deterioration from age or termite damage. If you insured your property, you must file a timely claim for reimbursement of your loss. If you don't, you cannot deduct the loss as a casualty or theft. You must reduce your loss by the amount of the reimbursement you received or expect to receive. As a general rule, you must deduct a casualty loss in the year it occurred.

However, if you have a loss from a federally declared disaster area, you may have a choice of when to deduct the loss. You can choose to deduct the loss on your return for the year the loss occurred or on an amended return for the immediately preceding tax year.

Claiming a disaster loss on the prior year's return may result in a lower tax for that year, often producing a refund. This reduction applies to each casualty loss event during the year. It does not matter how many pieces of property are involved in an event. The 10 percent rule. You must reduce the total of all your casualty or theft losses on personal-use property for the year by 10 percent of your adjusted gross income. Do not consider the loss of future profits or income due to the casualty as you figure your loss.

Complete Form , Casualties and Thefts , to report your casualty loss on your federal tax return. You claim the deductible amount on Schedule A, Itemized Deductions. Business or income property. Some of the casualty loss rules for business or income property are different than the rules for property held for personal use. Do you work at a hair salon, barber shop, casino, golf course, hotel, or restaurant, or do you drive a taxicab? The tip income you receive as an employee from those services is taxable income.

Tips are subject to federal income and Social Security and Medicare taxes, and they may be subject to state income tax as well. The value of noncash tips, such as tickets, passes, or other items of value, is also income and subject to federal income tax. Include tips on your tax return.

In your gross income, you must include all cash tips you receive directly from customers, tips added to credit cards, and your share of any tips you receive under a tip-splitting arrangement with fellow employees. Report tips to your employer. Your employer is required to withhold federal income, Social Security, and Medicare taxes. Keep a running daily log of your tip income. Be sure to keep track of your tip income throughout the year.

If you'd like a copy of the IRS form that helps you record it, please call. QuickBooks was designed to make your daily accounting tasks easier, faster, and more accurate. If you've been using the software for a while, you've probably found that to be true. Some chores, of course, aren't so enjoyable, like paying bills or reconciling your bank account Or anything else that has the potential to reduce the balance in your checking accounts.

The process of receiving customer payments is one of your more enjoyable responsibilities. You supplied a product or service that someone liked and purchased, and you're getting the money due you. Depending on the situation, you'll use one of multiple methods to record customer payments. Here's a look at some of your options. If you're like many businesses, you send invoices to customers to let them know what they owe and when their payment is due.

One of the most commonly used ways to record payments is by using the Receive Payments window by clicking on the Receive Payments icon on the home page or clicking on Customers Receive Payments. The outstanding balance from that customer will appear in the upper right corner, and invoice information will be displayed in the table below.

Next, you will need to ensure that the payment is applied to the right invoices. If it covers the whole amount due, there will be a check mark in every row in the first column of the table.

If not, QuickBooks will use the money received to pay off the oldest invoices first. To change this, click Un-Apply Payment in the icon bar and click in front of the correct rows to create checkmarks. Next, you will then want to tell QuickBooks what payment method the customer is using. Four options are displayed:.

If the desired payment method isn't included in those four, then click the down arrow under MORE. If it's still not there, click Add New Payment Method. This window will open:. When you choose your new payment method from the list, a window opens containing fields for the card number and expiration date.

Click Done after you've entered it, and you'll be returned to the Receive Payments screen. Haven't gotten set up to accept credit and debit cards yet? We can get you going with a merchant account to make this possible. You're likely to find that some customers pay faster with this option. Your customers will be able to click a link in an emailed invoice and make their payments.

Depending on the type of business you have and its physical location, there may be times when customers will come in and buy something on the spot. You will need to give them a Sales Receipt. Complete this form much like you entered data in the fields of the Receive Payments window. After all the hard work you've done to make your sales, the last thing you want to do is record a payment incorrectly so it isn't processed and you don't get paid. Though QuickBooks makes the mechanics of receiving payments simple enough, you still should understand the entire process involved in getting income into the correct accounts.

If you need assistance with this or any other areas of QuickBooks, just call. You can use Form June 15 Individuals - If you are a U. If you want additional time to file your return, file Form to obtain 4 additional months to file. Then file Form by October However, if you are a participant in a combat zone, you may be able to further extend the filing deadline.

Individuals - Make a payment of your estimated tax if you are not paying your income tax for the year through withholding or will not pay enough tax that way. This is the second installment date for estimated tax in Corporations - Deposit the second installment of estimated income tax for A worksheet, Form W, is available to help you estimate your tax for the year.

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May. Employers - Social Security, Medicare, and withheld income tax. All other trade names, trademarks, registered trademarks and service marks are the property of their respective owners. An income tax form is like a laundry list - either way you lose your shirt.

The hardest thing in the world to understand is the income tax. The difference between death and taxes is death doesn't get worse every time Congress meets. Miss last month's newsletter? We keep the last 6 months of newsletters here for you to read.

Email Updates Enter your email below to subscribe to our monthly newsletter. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.

For breakfast sit down to some hearty steak and eggs, chicken-fried steak, or eggs and ham or sausage, or add some zest to your morning with a spicy breakfast burrito. For lunch choose from south-of-the-border specialties, soups, salads and sandwiches. Dinner diners will love the chicken piccata, Italian shrimp scampi and Russian shrimp and scallops. Other entrees include surf and turf combinations, New York steak, baby back ribs, chicken-fried steak and more. Leave room for some delightfully decadent desserts.

Reviewed August 23, via mobile. Good food but slightly expensive. Reviewed July 24, via mobile. Unlimited crab legs, shrimp, salmon and prime rib. Responded July 25, Reviewed July 13, Website made me think this was awesome. Thanks for the review Menorca! We hope to see you again soon: Reviewed December 20, Sub par food cold. Cripple Creek Heritage and Information Center. If you're in town on Saturdays, stop by the Gold Mine for the prime rib buffet from p. Which casino is this in.

Call them for reservations. Going there Saturday night. What is the current cost of the buffet. If you like crab, seafood, prime rib, etc. Are reservations accepted for Saturdya nights? If not whats the normal wait time? Response from leonardz Reviewed this property. Yes they take reservations every night they are open. Usually you can hit it just at the right time and don't need reservations.

With historic brick, rich oak floor and low light, this fine dining restaurant is located downstairs in the Midnight Rose. Choose from an expansive wine selection and finish your dining experience with a decadent dessert.

Own or manage this property? Claim your listing for free to respond to reviews, update your profile and much more. TripAdvisor LLC is not responsible for content on external web sites.

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From brunch to munchies, and from drafts to dinner we'll keep your appetite at bay all day—and all night—long. Cripple Creek Dining Information - a little information on Cripple Creek before the casinos came to town. This page gives a brief history of the City of Cripple Creek, Colorado. Located at the Midnight Rose, enjoy an unmatched seafood buffet. Play all day at one of our three Cripple Creek casinos and spend the evening unwinding in luxury.

For a hearty meal and winning smiles, drop by Dynamite Dick's. Some schools also require it for merit-based aid. Filing deadlines vary by state and institution, so note the requirements for each school to which your child applies.

Some schools provide financial aid to eligible students on a first-come, first-served basis until funding runs out, so the earlier you apply, the better. This may require you to complete your income tax return early. Failing to list schools properly. The order in which you list the schools doesn't matter when applying for federal student aid. But if you're also applying for state aid, it's important to know that different rules may apply.

For example, some states require you to list schools in a specified order. This is true regardless of which parent claims the child as a dependent on his or her tax return. The rule provides a significant planning opportunity if one spouse is substantially wealthier than the other.

For example, if the child lives with the less affluent spouse for days and with the other spouse for days, the less affluent spouse would file the FAFSA, improving eligibility for financial aid. These are just a few examples of financial aid pitfalls. Let us help you navigate the process and explore other ways to finance college. Many people make donations at the end of the year. To be deductible on your return, a charitable donation must be made by December 31, Is it the date you write a check or charge an online gift to your credit card?

Or is it the date the charity actually receives the funds? In practice, the delivery date depends in part on what you donate and how you donate it. Here are a few common examples:.

The date you mail the properly endorsed stock certificate to the charity. You can access it at https: Information about organizations eligible to receive deductible contributions is updated monthly.

Many people overlook taxes when planning their mutual fund investments. Here are some tips to consider. Typically, mutual funds distribute accumulated dividends and capital gains toward the end of the year. You can get a general idea of when a particular fund anticipates making a distribution by checking its website periodically.

Actively managed funds tend to be less tax efficient. They buy and sell securities more frequently, generating a greater amount of capital gain, much of it short-term gain taxable at ordinary income rates rather than the lower, long-term capital gains rates.

Consider investing in tax-efficient funds instead. For example, index funds generally have lower turnover rates. Another option is exchange-traded funds ETFs. In some cases, actively managed funds may offer benefits, such as above-market returns, that outweigh their tax costs. Many investors elect to have their distributions automatically reinvested in their funds. Reinvested distributions increase your tax basis in a fund, so track your basis carefully.

Fortunately, under current rules, mutual fund companies are required to track your basis for you. But you still may need to track your basis in funds you owned before when this requirement took effect, or if you purchased units in the fund outside of the current broker holding your units.

Tax considerations should never be the primary driver of your investment decisions. If you invest in actively managed or other tax-inefficient funds, ideally you should put these holdings in nontaxable accounts, such as a traditional IRA or k. And if the funds are held in a Roth account, those distributions will escape taxation altogether. If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume that there are no tax implications involved.

Generally, miles awarded by airlines for flying with them are considered nontaxable rebates, as are miles awarded for using a credit or debit card. The IRS even addressed the issue in Announcement , where it said:.

There are, however, some types of miles awards the IRS might view as taxable. Examples include miles awarded as a prize in a sweepstakes and miles awarded as a promotion. For instance, in the case of Shankar v. Tax Court sided with the IRS in finding that airline miles awarded in conjunction with opening a bank account were indeed taxable.

The value of the miles for tax purposes generally is their estimated retail value. Well-crafted, up-to-date estate planning documents are an imperative for everyone. They also can help ease the burdens on your family during a difficult time. A will is a legal document that arranges for the distribution of your property after you die and allows you to designate a guardian for minor children or other dependents. Probate is the court-supervised process of paying any debts and taxes and distributing your property after you die.

To be valid, a will must meet the legal requirements in your state. The administrator also will decide who will assume guardianship of any minor children or other dependents. Your assets may be distributed — and your dependents provided for — in ways that differ from what you would have wanted. Because probate can be time-consuming, expensive and public, you may prefer to avoid it.

A living trust can help. During your life, you can act as the trustee, maintaining control over the property in the trust. Assets held in a living trust avoid probate — with very limited exceptions. Another benefit is that the successor trustee can take over management of the trust assets should you become incapacitated.

There are other documents that can complement a will and living trust. In it, you can express your desires for the memorial service, as well as the contact information for your employer, accountant and any other important advisors. Also consider powers of attorney. A durable power of attorney for property allows you to appoint someone to act on your behalf on financial matters should you become incapacitated. A power of attorney for health care covers medical decisions and also takes effect if you become incapacitated.

These are just a few of the foundational elements of a strong estate plan. We can work with you and your attorney to address the tax issues involved. Others generate income from interest, rent or dividends.

Here are three strategies to help avoid underpayment penalties:. Know the minimum payment rules. For you to avoid penalties, your estimated payments and withholding must equal at least:. Use the annualized income installment method. Estimate your tax liability and increase withholding. Because withholding is considered to have been paid ratably throughout the year, this is often a better strategy than making up the difference with an increased quarterly tax payment, which may trigger penalties for earlier quarters.

Please contact us for help with this tricky tax task. As a result, tax-friendly ways to pay for these expenses are very much in play for many people.

All provide opportunities for tax-advantaged funding of health care expenses. You own the account, which can bear interest or be invested, growing tax-deferred similar to an IRA.

Withdrawals for qualified medical expenses are tax-free, and you can carry over a balance from year to year. The plan pays or reimburses you for qualified medical expenses. An HRA is an employer-sponsored arrangement that reimburses you for medical expenses. Unlike an FSA, any unused portion typically can be carried forward to the next year. Please bear in mind that these plans could be affected by health care or tax legislation.

Contact our firm for the latest information, as well as to discuss these and other ways to save taxes in relation to your health care expenses. Disaster planning is usually associated with businesses. But individuals need to prepare for worst-case scenarios, as well.

Unfortunately, the topic can seem a little overwhelming. To help simplify matters, here are five keys to disaster planning that everyone should consider:. Make sure your policy covers flood, wind and other damage possible in your region and that its dollar amount is adequate to cover replacement costs.

Also review your life and disability insurance. Create a list of your bank accounts, titles, deeds, mortgages, home equity loans, investments and tax records. Inventory physical assets not only in writing including brand names and model and serial numbers , but also by photographing or videoing them. Keep copies of financial and personal documents somewhere other than your home, such as a safe deposit box or the distant home of a trusted friend or relative.

You may not receive insurance money right away. Also maintain a cash reserve in your home in a durable, fireproof safe. Establish a family emergency plan that includes evacuation routes, methods of getting in touch and a safe place to meet. Because a disaster might require you to stay in your home, stock a supply kit with water, nonperishable food, batteries and a first aid kit. Are you a highly compensated employee HCE approaching retirement? If so, and you have a k , you should consider a potentially useful tax-efficient IRA rollover technique.

The IRS has specific rules about how participants such as you can allocate accumulated k plan assets based on pretax and after-tax employee contributions between standard IRAs and Roth IRAs. While some highly compensated supersavers may have significant accumulations of after-tax contributions in their k accounts, the tax law income caps block the highest paid HCEs from opening a Roth IRA.

However, under IRS rules, these participants can roll dollars representing their after-tax k contributions directly into a new Roth IRA when they retire or no longer work for the companies. Participants can contribute rollover dollars to conventional and Roth IRAs on a pro-rata basis. Under each approach, the subsequent growth in the Roth IRA will be tax-free when withdrawn.

Partial rollovers can also be made, and the same principles apply. HCEs face some complex decisions when it comes to retirement planning. Let our firm help you make the right moves now for your golden years ahead.

Giving appreciated stock or other investments to your children can minimize the impact of capital gains taxes. Few purchases during your lifetime will be as expensive as buying a home. A fixed-rate mortgage, as its name suggests, is a loan whose interest rate remains constant for the life of the loan — typically 15 or 30 years.

One of the primary benefits of a fixed-rate loan is that it provides a measure of certainty about one of the biggest expenses in your monthly budget. That said, if interest rates were to fall again, your fixed-rate loan would leave you unable to take advantage of the shift unless you refinance, which might involve fees. You could consider a year fixed-rate loan, which would charge a lower rate than a year loan, but the tradeoff will be higher monthly payments.

Adjustable-rate mortgages ARMs typically offer a fixed interest rate for an initial period of years. This rate, which is usually lower than that of a comparable fixed-rate mortgage, resets periodically based on a benchmark interest rate.

Paying less interest in the beginning frees your cash for other investments. The right loan type depends, naturally, on your financial position. Let our firm assist you in evaluating the best mortgage for your needs. A royal flush can be quite a rush. But the IRS casts a wide net when defining gambling income. It includes winnings from casinos, horse races, lotteries and raffles, as well as any cash or prizes appraised at fair market value from contests.

If you participate in any of these activities, you must report such winnings as income on your federal return.

You may also take an itemized deduction for gambling losses, but the deduction is limited to the amount of winnings. The information from these forms needs to be included on your tax return. If you gamble often and actively, you might qualify as a professional gambler, which comes with tax benefits: It allows you to deduct not only losses, but also wagering-related business expenses — such as transportation, meals and entertainment, tournament and casino admissions, and applicable website and magazine subscriptions.

The agency looks at a list of nonexclusive factors when making this determination, including:. We can help you manage the tax impact. From time to time, a business may find that its operating expenses and other deductions for a particular year exceed its income. This is known as incurring a net operating loss NOL. In such cases, companies or their owners may be able to snatch some tax relief from this revenue defeat. A corporation or individual must carry back an NOL to the two years before the year it incurred the loss.

But the carryback period may be increased to three years if a casualty or theft causes the NOL, or if you have a qualified small business and the loss is in a presidentially declared disaster area. The carryforward period is a maximum of 20 years.

You must first carry back losses to the earliest tax year for which you qualify, depending on which carryback period applies. This can produce an immediate refund of taxes paid in the carryback years.

From there, you may carry forward any remaining losses year by year up to the year maximum. You may, however, elect to forgo the carryback period and instead immediately carry forward a loss if you believe doing so will provide a greater tax benefit.

For example, say your marginal tax rate was relatively low over the last two years, but you expect big profits next year. In this case, your increased income might put you in a higher marginal tax bracket. Then again, as of this writing, efforts are underway to pass tax law reform.

So, if tax rates go down, it might be more beneficial to carry back an NOL as far as allowed before carrying it forward. Many circumstances can create an NOL. Whatever the reason, the rules are complex. Let us help you work through the process.

Many business owners wonder whether they can offset AMT liability with NOLs just as they can offset regular tax liability. But beware that different rules for deductions, exclusions and preferences apply to the AMT. These rules apply to both individuals and corporations. When buying a vacation home, the primary objective is usually to provide a place for many years of happy memories.

In addition, you can also deduct property taxes on any number of residences. In this situation, you can deduct the personal portion of mortgage interest, property taxes and casualty losses as itemized deductions. In addition, the rental portion of your expenses is deductible up to the amount of rental income. If your rental expenses are greater than your rental income, you may not deduct the loss against other income.

You must report the rental income and may deduct all rental expenses, including depreciation, subject to the passive activity loss rules. This has been just a brief examination of some of the tax issues related to a vacation home.

Please contact our firm for a comprehensive assessment of your situation. Once a relatively obscure concept, income in respect of a decedent IRD can create a surprisingly high tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there are ways to minimize or even eliminate the IRD tax bite. Most inherited property is free from income taxes, but IRD assets are an exception. Be aware that President Trump and congressional Republicans have proposed an estate tax repeal.

So, for example, income the deceased would have reported as long-term capital gains is taxed to the beneficiary as long-term capital gains.

When IRD generates estate tax liability, the combination of estate and income taxes can devour an inheritance. The tax code alleviates this double taxation by allowing beneficiaries to claim an itemized deduction for estate taxes attributable to amounts reported as IRD. But be careful, because any deductions in respect of a decedent must also be included when calculating the estate tax impact.

When multiple IRD assets and multiple beneficiaries are involved, complex calculations are necessary to properly allocate the income and deductions.

Similarly, when a beneficiary receives IRD over a period of years — IRA distributions, for example — the deduction must be prorated based on the amounts distributed each year. If you inherit property that could be considered IRD, please consult our firm for assistance in managing the tax consequences.

With proper planning, you can keep the cost to a minimum. Applicants may qualify for various forms of relief if they can meet the applicable IRS conditions. The IRS will also look at the distinctive aspects of the case.

The fact that a spouse applying for relief has already divorced his or her partner is significant. Whether the applicant was abused physically or mentally will also play a role, as will whether he or she was in poor mental or physical health when the return s in question was signed.

In addition, the IRS will consider whether the applicant would experience economic hardship without relief from a significant tax debt. Generally, an applicant must request innocent spouse relief no later than two years after the date the IRS first attempted to collect the tax. But other forms of relief may still be available thereafter. Please contact our firm for more information. The Achieving a Better Life Experience ABLE Act of created a tax-advantaged savings account for people who have a qualifying disability or are blind before age Like Section plans, state-sponsored ABLE accounts allow parents and other family and friends to make substantial cash contributions.

In the case of a Section plan, qualified expenses include college tuition, room and board, and certain other higher education expenses. Like a plan, an ABLE account allows investment changes only twice a year.

ABLE accounts have other limitations and disadvantages as well. However, a person with signature authority — such as a parent, legal guardian or power of attorney holder — can manage the account if the beneficiary is a minor or otherwise unable to manage the account. Finally, be aware that, when an ABLE account beneficiary dies, the state may claim reimbursement of its net Medicaid expenditures from any remaining balance.

Please contact our firm for more details. Like many people, you probably feel a great sense of relief wash over you after your tax return is completed and filed. Unfortunately, even professionally prepared and accurate returns may sometimes be subject to an IRS audit. Chances are slim that it will actually happen. Only a small percentage of returns go through the full audit process.

A variety of red flags can trigger an audit. Your return may be selected because the IRS received information from a third party — say, the W-2 submitted by your employer — that differs from the information reported on your return. A higher DIF score may increase your audit chances.

Running a traditionally cash-oriented business, Having a relatively high adjusted gross income, Using valid but complex tax shelters, or Claiming certain tax breaks, such as the home office deduction. Bear in mind, though, that no single item will cause an audit.

And, as mentioned, a relatively low percentage of returns are examined. This is particularly true as the IRS grapples with its own budget issues.

Through this program, the agency studies returns to improve and update its audit selection techniques. If you receive an audit notice, the first rule is: Most are correspondence audits completed via mail.

The IRS may ask for documentation on, for instance, your income or your purchase or sale of a piece of real estate. Read the notice through carefully. The pages should indicate the items to be examined, as well as a deadline for responding.

Should an IRS notice appear in your mail, please contact our office. We can fully explain what the agency is looking for and help you prepare your response. If the IRS requests an in-person interview regarding the audit, we can accompany you — or even appear in your place if you provide authorization.

For many years, business owners had to ask themselves one question when it came to facing taxation in another state: Well, the question still stands. Triggers can vary but common criteria include: Employing workers in the state, Owning or, in some cases, even leasing property there, Marketing your products or services in the state, Maintaining a substantial amount of inventory there, and Using a local telephone number. As with many tax issues, the totality of facts and circumstances will determine whether you have nexus in a state.

The tax impact could be significant, and its specifics will vary widely depending on just how the state in question approaches taxation.

For starters, strongly consider conducting a nexus study. This is a systematic approach to identifying the out-of-state taxes to which your business activities may expose you. The results of a nexus study may not necessarily be negative. In such cases, it may be advantageous to create nexus in that state by, say, setting up a small office there.

If all goes well, you may be able to allocate some income to that state and lower your tax bill. If profitability beckons in another state, please contact our firm for help projecting how setting up shop there might affect your tax liability. Under this approach, if the benefits of a service occur and will be used in another state, that state will tax the revenue gained from said service.

Individuals may want to donate artwork so it can be enjoyed by a wider audience or available for scholarly study or simply to make room for new artwork in their home. Here are four tips for donating artwork with an eye toward tax savings:. IRS rules detail the requirements.

Donate to a public charity. If you donate to a private foundation, your deduction will be limited to your cost. Beware the related-use rule. If that happens, you may be able to preserve your tax benefits via a certification process. For further details, please contact us. Consider a fractional donation. Donating a fractional interest allows you to save tax dollars without completely giving up the artwork.

The rules for fractional donations, and charitable contributions of artwork in general, can be tricky. Plus, tax law changes affecting deductions may occur in the coming year. Contact our firm for help. Here are some important steps to take:. Self-employed individuals are liable for self-employment tax, which means they must pay both the employee and employer portions of FICA taxes.

The good news is that you may deduct the employer portion of these taxes. Plus, you might be able to make significantly larger retirement contributions than you would as an employee. If you fail to fully make these payments, you could face an unexpectedly high tax bill and underpayment penalties.

Common examples of deductible business expenses for the self-employed include licenses, accounting fees, equipment, supplies, legal expenses and business-related software. You may deduct many direct expenses such as business-only phone and data lines, as well as office supplies and indirect expenses such as real estate taxes and maintenance associated with your home office. The IRS typically looks at two questions to determine whether a taxpayer qualifies for the home office deduction:.

But please contact our firm for specific assistance with the home office deduction or any other aspect of filing your taxes as a self-employed individual. As tax-filing season gets into full swing, there are many details to remember.

If your adjusted gross income AGI exceeds the applicable threshold, your personal exemptions will begin to be phased out and your itemized deductions reduced. Please contact our firm for specific strategies tailored to your situation. If you're planning to make significant charitable donations in the coming year, consider a donor-advised fund DAF.

These accounts allow you to take a charitable income tax deduction immediately, while deferring decisions about how much to give — and to whom — until the time is right. A DAF is a tax-advantaged investment account administered by a not-for-profit "sponsoring organization", such as a community foundation or the charitable arm of a financial services firm. Unused deductions may be carried forward for up to five years, and funds grow tax-free until distributed. Although contributions are irrevocable, you're allowed to give the account a name and recommend how the funds will be invested among the options offered by the DAF and distributed to charities over time.

You can even name a successor advisor, or prepare written instructions, to recommend investments and charitable gifts after your death. Technically, a DAF isn't bound to follow your recommendations. But in practice, DAFs almost always respect donors' wishes.

Generally, the only time a fund will refuse a donor's request is if the intended recipient isn't a qualified charity. As mentioned, DAF owners can immediately deduct contributions but make gifts to charities later. Even if you have a particular charity in mind, spreading your donations over several years can be a good strategy. It gives you time to evaluate whether the charity is using the funds responsibly before you make additional gifts.

A DAF allows you to adopt this strategy without losing the ability to deduct the full amount in the year when it will do you the most good. Another key advantage is capital gains avoidance. An effective charitable-giving strategy is to donate appreciated assets — such as securities or real estate. You're entitled to deduct the property's fair market value, and you can avoid the capital gains taxes you would have owed had you sold the property.

But not all charities are equipped to accept and manage this type of donation. Many DAFs, however, have the resources to accept contributions of appreciated assets, liquidate them and then reinvest the proceeds. A DAF can also help you streamline your estate plan and donate to a charity anonymously. Requirements and fees vary from fund to fund, however. Please contact our firm for help finding one that meets your needs. If your company owns real property, or you do so individually, you may not always be able to dispose of it as quickly as you'd like.

One avenue for perhaps finding a buyer a little sooner is an installment sale. An installment sale occurs when you transfer property in exchange for a promissory note and receive at least one payment after the tax year of the sale.

Doing so allows you to receive interest on the full amount of the promissory note, often at a higher rate than you could earn from other investments, while deferring taxes and improving cash flow. But there may be some disadvantages for sellers.

For instance, the buyer may not make all payments and you may have to deal with foreclosure. You generally must report an installment sale on your tax return under the "installment method. For every taxable year in which you receive an installment payment, you must report as income the interest and gain components. Calculating taxable gain involves multiplying the amount of payments, excluding interest, received in the taxable year by the gross profit ratio for the sale.

The gross profit ratio is equal to the gross profit the selling price less your adjusted basis divided by the total contract price the selling price less any qualifying indebtedness — mortgages, debts and other liabilities assumed or taken by the buyer — that doesn't exceed your basis.

The selling price includes the money and the fair market value of any other property you received for the sale of the property, selling expenses paid by the buyer and existing debt encumbering the property regardless of whether the buyer assumes personal liability for it. You may be considered to have received a taxable payment even if the buyer doesn't pay you directly.

If the buyer assumes or pays any of your debts or expenses, it could be deemed a payment in the year of the sale. In many cases, though, the buyer's assumption of your debt is treated as a recovery of your basis, rather than a payment.

Where did the time go? Here are seven last-minute tax-saving tips to consider — you just must act by December Incur deductible medical expenses if your deductible medical expenses for the year already exceed the applicable floor.

Pay tuition for academic periods that will begin in January, February or March of if it will make you eligible for a tax deduction or credit. Keep in mind, however, that in certain situations these strategies might not make sense. To make absolutely sure which of these tips are right for you, and learn whether there are other beneficial last-minute moves you might make, please contact our firm. We can help you maximize your tax savings for Are you in your 50s or 60s and thinking more about retirement?

These are additional amounts beyond the regular annual limits that workers age 50 or older can contribute to certain retirement accounts. Catch-up contributions give you the chance to take maximum advantage of the potential for tax-deferred or, in the case of Roth accounts, tax-free growth. Plus, you can make IRA contributions as late as April 18, With a traditional IRA, contributions may be tax deductible, providing you with immediate tax savings.

The deductibility phases out at higher income levels if you or your spouse is covered by an employer retirement plan. Roth contributions are made with after-tax dollars, but qualified withdrawals are tax-free.

However, be aware that the ability to contribute to a Roth IRA is phased out based on income level. A solo k is a plan for those with no other employees.

When many people think about charitable giving, they picture writing a check or dropping off a cardboard box of nonperishable food items at a designated location. But giving to charity can take many different forms. One that you may not be aware of is a gift of appreciated stock.

Yes, donating part of your portfolio is not only possible, but it also can be a great way to boost the tax benefits of your charitable giving. Many charitable organizations are more than happy to receive appreciated stock as a gift.

But neither you nor the charity receiving the stock will owe capital gains tax on the appreciation. So you not only get the deduction, but also avoid a capital gains hit. This way, you can take two deductions up to applicable limits: Inevitably, there are restrictions on deductions for donating appreciated stock. Any excess can be carried forward up to five years.

Moreover, you must have owned the security for at least one year to deduct the fair market value. Otherwise, the deduction is limited to your tax basis generally what you paid for the stock. Also, the charity must be a c 3 organization.

Last, these rules apply only to appreciated stock. If you donate a different form of appreciated property, such as artwork or jewelry, different requirements apply.

A donation of appreciated stock may not be the simplest way to give to charity. But, for the savvy investor looking to make a positive difference and manage capital gains tax liability, it can be a powerful strategy. As the year winds down, many people begin to wonder whether they should put off until next year purchases they were considering for this year. One interesting wrinkle to consider from a tax perspective is the sales tax deduction. This tax break allows taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes.

The deduction is obviously valuable to those who reside in states with no or low income tax. But it can also substantially benefit taxpayers in other states who buy a major item, such as a car or boat. Nonetheless, the tax impact of the deduction is worth considering. You can simply use an IRS sales tax calculator that will base the deduction on your income and the sales tax rates in your locale, plus the tax you actually pay on certain major purchases.

Then again, if you retain documentation for your purchases, you might enjoy a larger deduction. Examples include furnishing a new home, investing in high-value electronics or software, or purchasing expensive jewelry such as engagement and wedding rings. The sales tax deduction offers an opportunity to save tax dollars while buying the items you want or need.

Appraisals can inspire anxiety for many business owners.

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