Category Archives: tax advice

Do you need to think about the alternative minimum tax?

You may not have thought much about the alternative minimum tax, or AMT, since Congress passed a law that permanently fixed the exemption. But the tax, which you calculate separately from your regular tax liability, is still around. Here’s how … Continue reading

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Get Ready for Tax Prep: What You Should Do

April 17 is still months away, but now’s the time to start preparing. You’re undoubtedly very busy right now. It’s the middle of the holiday season and moving quickly toward the end of the year, so you probably have reports … Continue reading

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Complete these retirement plan steps before year-end

December 31 is the last day you can benefit from certain retirement tax breaks. For example, if you haven’t put the maximum amount allowed in your 401(k) – $18,000 in 2016 – increasing your contributions can save you money. If … Continue reading

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Ringing Out 2016 in QuickBooks

2017 is just around the corner. Now’s the time to do your end-of-year QuickBooks tasks. Since early January of this year, you’ve been faithfully creating new records, entering transactions, and recording payments. You’ve run basic reports. You’ve done your collection … Continue reading

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Are you part of the “sharing” economy?

The IRS defines the “sharing” economy as economic activity generated through the use of technology that lets you earn money from your assets, such as a car. Income from these activities, including room rentals and car rides, is taxable, and … Continue reading

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S corporation loss for 2016? Check your basis

Typically, stock basis in an S corporation begins with the capital contribution you make to get the company started. At the end of each taxable year, your stock basis is adjusted to reflect your business’s operating results. After your stock … Continue reading

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Use this annual exclusion by December 31

Under current federal tax law, in 2016, you can take advantage of an annual exclusion to give up to $14,000 to as many individuals as you want without paying gift tax. If you’re married and your spouse joins in the … Continue reading

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