Posts Tagged "Business tax tips"

Year-end tax checklist

Posted on Nov 5, 2017

As the year draws to a close, there are several tax-saving ideas you should consider.Use this checklist to make sure you don’t miss an opportunity before the year is out. Retirement distributions and contributions. Make final contributions to your qualified retirement plan, and take any required minimum distributions from yourretirement accounts. The penalty for not taking minimum distributions can be high. Investment management. Rebalance your investment portfolio, and take any final investment gains and losses. Capital losses can be used to net against your capital gains. You can also take up to $3,000 of capital losses in excess of capital gains each year and use it to lower your ordinary income. Last-minute charitable giving. Make a late-year charitable donation. Even better, make the donation with appreciated stock you’ve owned more than a year. You can often can make a larger donation – and get a larger deduction – without paying capital gains taxes. Noncash contribution opportunity.Gather up noncash items for donation,document the items and give those in good condition to your favorite charity. Make sure you get a receipt from the charity, and take a photo of the items donated just in case. Gifts to dependents and others.You may provide gifts to an individual tax-free of up to $14,000 per year in total. Remember that all gifts given (birthdays, holidays, etc.) count toward the total. Organize records now.Start collecting and organizing your end-of-year tax records. Estimate your tax liability and make any required estimated tax...

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Give to cut taxes

Posted on Aug 6, 2013

If you are in a position to give, making annual gifts can be an excellent strategy for reducing both your estate and income tax liability. Doing your gift-giving at midyear rather than late in the year is especially smart if you are giving income-producing property. You will then remove more income from your 2013 tax...

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Business Tax Tip

Posted on Jul 24, 2012

Keep repairs separate from major improvements. Ordinary repairs and maintenance on business equipment and buildings are deductible business expenses. Improvements which materially add to the value of the property or significantly prolong its useful life must be depreciated over a period of years. To avoid losing tax deductions for repairs and maintenance, make major improvements completely apart from repairs and maintenance....

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