Currently, a valuable income tax deduction related to real estate is for depreciation, but the depreciation period for such property is long and land itself isn’t depreciable. Whether real estate is occupied by your business or rented out, here’s how you can maximize your deductions: Read More
Last year’s Protecting Americans from Tax Hikes (PATH) Act made these critical changes to the Research and Development Tax Credit (R&D Tax Credit):
- Smaller businesses (those with average gross receipts of $50 million or less over the preceding three years) can claim the credit against Alternative Minimum Tax (AMT)
- Startup businesses (those in operation for less than five years with less than $5 million in gross receipts) can offset the credit against up to $250,000 in employer-paid payroll taxes.
- The R&D tax credit is now permanent.
ACCOUNTING TODAY NEWS – The Internal Revenue Service has issued the 2017 optional standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
BUSINESS TRAVEL MILEAGE RATES – 2017
Beginning Jan. 1, standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: Read More >
Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number of tax proposals for individuals and businesses. This letter highlights some of the President-elect’s tax proposals. Keep in mind that a candidate’s proposals can, and often do, change over the course of a campaign and also after taking office. This letter is based on general tax proposals made by the President-elect during the campaign and is intended to give a broad-brush snapshot of those proposals. Read More >
Chortek joins the IRS in alerting taxpayers to “be on guard” against fake IRS notices by email:
IRS and Security Summit Partners Warn of Fake Tax Bills
IR-2016-123, Sept. 22, 2016
IRS ALERTS TAXPAYERS, WASHINGTON, — The Internal Revenue Service and its Security Summit partners today issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act. Read More >
Avalara Sales Tax automation software keeps you in compliance even as a bill that has been introduced in Congress would take the legs out from under existing remote sales tax laws. Read More >
Whether you are still working or you are enjoying retirement, a declining market is a good time for traditional IRA owners to manage their IRA and consider tax saving strategies. Overall income tax savings can be achieved by converting your traditional IRA to a Roth IRA when market conditions are favorable to do so. Read More >
A new two-step authentication for My Tax Account users is now required. We recommend being proactive and registering for this new process prior to the filing or payment due date. Read More >
Tax ID Theft
No question, tax ID theft is an increasingly common problem. If you have been unscathed so far, count yourself as lucky. Just ask around, and you will be surprised to see how many individuals have been impacted by this nasty problem. So, what do you do if you if you become a victim? Read More >