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Strategic Year-End Business Planning for Maximum Tax Benefit

Posted by Brian Dansa

Dec 22, 2016 1:20:42 PM

There are several strategies that businesses should consider in order to maximize tax benefits while year-end planning for 2016.  Some of the strategies that should be considered involve the following tax topics:

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Topics: tax, corporate tax,, dopkins tax, year end tax planning, Code Section 179, family owned business, Protecting Americans from Tax Hikes (PATH) Act, PATH Act, Strategic Planning, Research Credit



Countdown to 2017....What is your year-end tax planning strategy?

Posted by Sarah E. DesJardins

Dec 19, 2016 10:04:06 AM

As the year comes to a close, there are three important items that should be considered regarding your year-end personal tax planning strategies.

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Topics: tax, personal tax planning, dopkins tax, year end tax planning, roth ira converstion, medical expense deduction, minimum distribution requirement, required minimum distribution, roth ira



How Much of that Charitable Contribution is Deductible?

Posted by Samantha Keller CPA

Nov 13, 2015 10:00:00 AM

At this time of year, our thoughts often turn to charitable donations. We contribute because we can, because we believe in an organization’s mission, or because someone needs our help. In addition to the benefit to the person/organization that’s been donated to, and the validation we feel at helping, there is another benefit – the tax deduction. But how much of your donation is deductible? Here is what you as a donor and/or you as a charitable organization need to know regarding documenting the donation.

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Topics: NFP, tax, charitable deduction, irs 1771



How to Qualify for New York's Minimum Wage Reimbursement Tax Credit

Posted by Katie Mellon

Jul 31, 2014 1:16:31 PM

On December 31, 2013 the New York minimum wage rate increased to $8.00 per hour and will continue to increase annually until reaching $9.00 per hour on December 31, 2015. This increase makes the New York minimum wage higher than the current federal minimum wage of $7.25 per hour. 

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Topics: tax, minimum wage, new york minimum wage reimbursement credit



IRS REDUCES STANDARD MILEAGE RATES FOR 2014

Posted by Eric R. Soro CPA

Feb 20, 2014 1:27:56 PM

The IRS has announced a one half cent decrease in the standard mileage rates that taxpayers will use for calculating business, medical, and moving expenses in 2014. Use of the standard mileage rate is a popular alternative to using the actual expense method, which requires taxpayers to keep track of specific costs for maintenance, repairs, tires, oil, insurance, etc.

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Topics: tax, irs announcements, 1040, schedule a, travel expenses



Employee vs. Independent Contractor-- the $54 billion Tax Gap

Posted by Eric R. Soro CPA

Jan 13, 2014 12:11:08 PM

Statistic: The “Tax Gap” is the annual shortfall between taxes owed and taxes paid. Employment tax noncompliance is estimated by the IRS to account for $54 billion of the tax gap.

So you can bet that the IRS would be aggressive in closing that gap by going after worker misclassification. Therefore, to assist with the complexity of the differences between an employee and independent contractor we have provided the following indicators often used by the IRS:   

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Topics: tax, employee or independent contractor, 1099





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