Glass office buildings with fall colors

How to maximize deductions for business real estate

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 >

R and D signpost

It’s Time to Revisit the Research & Development Tax Credit

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.

Read More >

business travel

Business Travel Mileage Rates Lowered – 2017

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 >

fed-govt-compliance_web

2016 Post-election Tax Update – What Now?

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 >

keyboard with red enter key open revealing underpass and ladder mail

IRS Alerts Taxpayers To “Be On Guard” Against Fake Emails

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 >

chortek chess web

Managing Your IRA in a Declining Market

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 >

taxid_web

Tax ID Theft – Fraudulently Filed Returns

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 >