This document lists and briefly describes 10 of the most overlooked tax deductions. It discusses deductions for charitable mileage, non-cash charitable contributions, unreimbursed employee expenses, student loan interest, tuition, charitable IRA donations, converting traditional IRAs to Roth IRAs, state estimated tax payments, and bonus depreciation or Section 179 expensing for business owners. The document encourages taxpayers to be aware of these deductions and consider implementing them into their tax strategies to maximize deductions and reduce their tax burden.
Accountants, are you ready for the US?
In the United States, the fiscal powers of taxation is based on three levels: federal, state and municipal. The federal income tax, in particular, is a pay-as-you-go tax.
From November 7 to 10, the Italian accountants will stay in New York city, on a mission in the US. We went to look around the contents by the IRS (Inland Revenue Service) in the field of “Tax Withholding and Estimated Tax”, for use in 2016.
The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay-as-you-go: Tax Withholding and Estimated Tax.
How you report the income from hobbies is different from how you report income from a business. There are special rules and limits for deductions you can claim for a hobby. Here are five basic tax tips you should know if you get income from your hobby:
When it comes to taxes, we often want to get them over with as soon as possible. That makes it easy to accidentally overlook tax deductions. Use this guide to make sure you're taking advantage of all the tax deductions available to you!
Accountants, are you ready for the US?
In the United States, the fiscal powers of taxation is based on three levels: federal, state and municipal. The federal income tax, in particular, is a pay-as-you-go tax.
From November 7 to 10, the Italian accountants will stay in New York city, on a mission in the US. We went to look around the contents by the IRS (Inland Revenue Service) in the field of “Tax Withholding and Estimated Tax”, for use in 2016.
The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay-as-you-go: Tax Withholding and Estimated Tax.
How you report the income from hobbies is different from how you report income from a business. There are special rules and limits for deductions you can claim for a hobby. Here are five basic tax tips you should know if you get income from your hobby:
When it comes to taxes, we often want to get them over with as soon as possible. That makes it easy to accidentally overlook tax deductions. Use this guide to make sure you're taking advantage of all the tax deductions available to you!
Retirement Planning Guide - Life After WorkIBB Law
IBB's Wealth Management Planners have created a new Retirement Planning Guide.
For advice on wealth management and retirement planning as well as other issues such as inheritance tax planning, please visit: https://www.ibblaw.co.uk/service/ibb-wealth
For more information please contact Kellie Lewis, Client Relationship Manager, on 01895 544001 or kellie@ibbwealth.co.uk or Graeme Cowie, Director, on 01895 544001 or graeme@ibbwealth.co.uk. Alternatively please visit www.ibbwealth.co.uk.
The content of the articles featured in this publication is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in
their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information
is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice
after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. Thresholds, percentage rates and
tax legislation may change in subsequent Finance Acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the individual circumstances of the investor.
The value of your investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.
The right tax strategy stays current with your environment.
The political landscape isn’t the only thing changing in
2016. Estate planning opportunities are also shifting. This
supplement incorporates estate planning updates and other
considerations into tips designed to decrease your 2016 tax
bill. Charts throughout the supplement, including tax rates,
qualified retirement plan limitations and FICA/Medicare
taxes further help with your tax planning.
A special report that discusses what to do with your tax refund, specifically strategies to optimize the use of your income tax refund; saving for your future, improving your financial well-being, addressing risk management strategies, education savings, reducing non-deductible debt, RRSP or non-registered savings, contributing to a Tax-Free Savings Account (TFSA), building an emergency fund and receiving your tax fund earlier than expected.
As a result of RRSP contributions, interest expenses, tax shelter deductions or various other tax deductions and credits, your clients may be expecting, or have recently received, an income tax refund from the Canada Revenue Agency (CRA). If they have received a tax refund, it may be a good opportunity to determine if they can use some or all of it to improve their financial well-being. This special report will discuss some strategies that may help them use their income tax refund more wisely and assist them in meeting their financial goals.
Based on the Australian Taxation Office (ATO), Aussies had around $18 billion of lost superannuation since at 30 June 2017. It was made up of just over 6.3 million lost along with ATO-held accounts.
Could a few of this money belong to you? If you’ve ever altered your work, name or address, you might be richer than you believe, and also have some lost or even unclaimed super waiting available.
That ‘charity’ is all about giving, is a universal fact. So expecting something in return doesn’t quite resonate with the concept. That, however, doesn’t mean your act of goodwill won’t or can’t yield benefits for you—you should simply take it as ‘karmic justice’. Tax deductible donation under Section 35AC for business Or equivalent section 80 GGA for others is an apt example of the same.
More than 78 million taxpayers paid someone to prepare their federal tax return in 2016. Generally, anyone who prepares or assists in preparing a federal tax return for compensation must have a Preparer Tax Identification Number (PTIN). They must sign in the paid preparer's area of the return and give the taxpayer a copy of the return. Since 2012, anyone who prepares and files 11 or more Forms 1040, 1040A, 1040EZ or 1041 during a calendar year must use e-file.
Most tax return preparers provide outstanding service, but they have differing levels of skills, education, and expertise. Another important difference is their ability to represent taxpayers before the Internal Revenue Service.
Representation rights, also known as practice rights, fall into two categories: Unlimited and Limited Representation.
Return preparers with unlimited representation rights can represent their clients on any matters including audits, payment/collection issues, and appeals. Those with limited representation rights can only represent clients whose returns they prepared and signed, but only before revenue agents, customer service representatives.
End-of-year Tax Guide and Checklist for BusinessesMichael Burdick
Tax season for your business doesn't have to be scattered, painful, and time-consuming. Paro's End-of-year Tax Guide and Checklist for Businesses helps you get a handle on tax prep best practices, how your business structure impacts taxes, what you absolutely need to file taxes, and what your tax preparer needs from you.
Retirement Planning Guide - Life After WorkIBB Law
IBB's Wealth Management Planners have created a new Retirement Planning Guide.
For advice on wealth management and retirement planning as well as other issues such as inheritance tax planning, please visit: https://www.ibblaw.co.uk/service/ibb-wealth
For more information please contact Kellie Lewis, Client Relationship Manager, on 01895 544001 or kellie@ibbwealth.co.uk or Graeme Cowie, Director, on 01895 544001 or graeme@ibbwealth.co.uk. Alternatively please visit www.ibbwealth.co.uk.
The content of the articles featured in this publication is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in
their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information
is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice
after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. Thresholds, percentage rates and
tax legislation may change in subsequent Finance Acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the individual circumstances of the investor.
The value of your investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.
The right tax strategy stays current with your environment.
The political landscape isn’t the only thing changing in
2016. Estate planning opportunities are also shifting. This
supplement incorporates estate planning updates and other
considerations into tips designed to decrease your 2016 tax
bill. Charts throughout the supplement, including tax rates,
qualified retirement plan limitations and FICA/Medicare
taxes further help with your tax planning.
A special report that discusses what to do with your tax refund, specifically strategies to optimize the use of your income tax refund; saving for your future, improving your financial well-being, addressing risk management strategies, education savings, reducing non-deductible debt, RRSP or non-registered savings, contributing to a Tax-Free Savings Account (TFSA), building an emergency fund and receiving your tax fund earlier than expected.
As a result of RRSP contributions, interest expenses, tax shelter deductions or various other tax deductions and credits, your clients may be expecting, or have recently received, an income tax refund from the Canada Revenue Agency (CRA). If they have received a tax refund, it may be a good opportunity to determine if they can use some or all of it to improve their financial well-being. This special report will discuss some strategies that may help them use their income tax refund more wisely and assist them in meeting their financial goals.
Based on the Australian Taxation Office (ATO), Aussies had around $18 billion of lost superannuation since at 30 June 2017. It was made up of just over 6.3 million lost along with ATO-held accounts.
Could a few of this money belong to you? If you’ve ever altered your work, name or address, you might be richer than you believe, and also have some lost or even unclaimed super waiting available.
That ‘charity’ is all about giving, is a universal fact. So expecting something in return doesn’t quite resonate with the concept. That, however, doesn’t mean your act of goodwill won’t or can’t yield benefits for you—you should simply take it as ‘karmic justice’. Tax deductible donation under Section 35AC for business Or equivalent section 80 GGA for others is an apt example of the same.
More than 78 million taxpayers paid someone to prepare their federal tax return in 2016. Generally, anyone who prepares or assists in preparing a federal tax return for compensation must have a Preparer Tax Identification Number (PTIN). They must sign in the paid preparer's area of the return and give the taxpayer a copy of the return. Since 2012, anyone who prepares and files 11 or more Forms 1040, 1040A, 1040EZ or 1041 during a calendar year must use e-file.
Most tax return preparers provide outstanding service, but they have differing levels of skills, education, and expertise. Another important difference is their ability to represent taxpayers before the Internal Revenue Service.
Representation rights, also known as practice rights, fall into two categories: Unlimited and Limited Representation.
Return preparers with unlimited representation rights can represent their clients on any matters including audits, payment/collection issues, and appeals. Those with limited representation rights can only represent clients whose returns they prepared and signed, but only before revenue agents, customer service representatives.
End-of-year Tax Guide and Checklist for BusinessesMichael Burdick
Tax season for your business doesn't have to be scattered, painful, and time-consuming. Paro's End-of-year Tax Guide and Checklist for Businesses helps you get a handle on tax prep best practices, how your business structure impacts taxes, what you absolutely need to file taxes, and what your tax preparer needs from you.
Maximizing Your Tax Refund: Strategies to Boost Your ReturnsThe Kalculators
When tax season approaches, many individuals eagerly anticipate receiving a tax refund. A tax refund is the amount of money returned to you by the government when you've paid more in taxes than your actual tax liability. However, to make the most of this opportunity, it's crucial to understand effective strategies for maximizing your tax refund. In this blog post, we will explore several actionable tips that can help you boost your tax refund and put more money back in your pocket.
With the year 2017 finally underway, it is important for everyone to understand and to stay on top of the tax situation. The following is a list of good tax advice for the upcoming year.
Most small businesses are losing thousands of dollars by making expensive tax mistakes. Make sure you're setting up your business correctly and are using the right deductions and expenses. Call us at (214) 600-8609 with any tax questions. Serving small business in the greater Dallas, TX area with tax planning and preparation.
Prepare your 2017 tax filing and create efficiencies in your tax strategies for 2018. The CTS Financial Group Tax-Time Planning guide offers you tips for your 2017 return and ideas to help you stay on track this year.
Retirement Investing - Multiply Your Retirementheather smith
Why let Wall Street destroy your retirement?Read this self-help, how-to guide on how you can multiply your retirement income account by using self directed investments. It also blow out these myths.
Myth Number 1: Perceived Hassles
Myth Number 1: Uncertainty
Myth Number 3: Security
Myth Number 4: Higher risk
Landscapers and Gardeners: Tax Help is Just a Click AwayNOAH DANIELS EA
If you are a self-employed landscaper or gardener, be sure to view the IRS webinar “Business Taxes for the Self-Employed: The Basics.” Here are some topics included in the webinar or on IRS.gov that you should know:
Estimated tax penalty usually applies when a taxpayer pays too little of their total tax during the year. Each year, around 10 million taxpayers face an estimated tax penalty. Log on http://www.etservicesva.com/
IT’S IRA SEASON – SAVE FOR RETIREMENT WHILE ENJOYING TAX BENEFITSSpencer Savings Bank
As a group, Americans are not doing well in preparing for retirement. Research shows that most Americans do not have enough money saved for retirement and many are very concerned. One of the main reasons for lack of saving are incomes that have not changed (or decreased) over the years, while cost of living continues to rise and salaries are not going as far as they once did to cover all the necessities.
Similar to 10_Most_Overlooked_Tax_Deductions_Gen (20)
2. 10MOSTOVERLOOKEDTAXDEDUCTIONSSoyouaren’tfrettingattaxtime,maybeitwillmakesenseoverthenext9daystoputtogetheraneffectiveyeartaxmanagementstrategytokeep
as much of your hard earned dollars as possible in your wallet. Every CPA or accountant seems to have a slightly different slant on the tax code,
but here are your smart money moves tips that may be able to help you increase your bottom line. Remember to talk with a qualified CPA or
Financial Advisor before you decide to implement.
1. Charitable Mileage
Most taxpayers are very good at keeping receipts of their
cash donations that they make to the organizations they
donate to during the course of the year. One of the deduc-
tions few taxpayers pay attention to is the charitable mileage
deduction. For 2015, you can deduct .14 cents per mile
driven for rendering gratuitous services for charitable
organizations. Don’t forget fees and tolls as well
(www.irs.gov). Consider the amount of time that you give
gratuitously during the course of the year for your religious
organizations, charitable causes you support, or possibly
2. Non-Cash Charitable Contributions
Most taxpayers literally get a blank receipt from the Salva-
tion Army, Goodwill, or some other charitable organization
and then tell their accountants that they donated a bag or
two for $50. What a huge mistake!! The reason you have the
blank receipt is to itemize everything you give away line by
line to maximize the legitimate deduction. You could go to
www.satruck.com to see the Salvation Army’s list of low and
high value per item, but then again you need to really
examine the true fair market value of each item. Make sure
you have good documentation and receipts.
3. Form 2106 (Employee Business Expenses)
If you look at the number at the bottom of page one of your
personal tax return you will see an amount called your
adjusted gross income. It is an important number because it
sets the bar on other potential deductions you can take.
Since employers today are reimbursing less and less
employee expenses, you should keep very close track of
your unreimbursed employee expenses. You must make
sure the expenses are for ordinary and necessary items that
help you carry on your normal trade. You can see an entire
list of possible deductions on the IRS website. This could be
a big one come year end.
4. Know The New Tax Rates 10. Business Owners... It’s Shopping Time
You may be thinking about cashing in stock before year
end or potentially have the opportunity to defer a bonus to
next year. This year, for married couples $250,000 AGI,
$300,000 AGI, and $450,000 AGI are all important thresh-
olds. If you go over these limits as a married couple ($200k,
$250k, and $400k for single) you may trigger some poten-
tially damaging additional taxes. This is why you should
review your pay stub, triggered stock sales, and much more
to be certain you don’t get hit for some extra dough.
5. Student Loan Interest
(often missed after someone graduates college) For 2015, a
taxpayer can potentially deduct up to $2,500 in student loan
interest, regardless of whether or not you itemized your tax
deductions. The deduction begins phasing out at $65,000 for
single filers and $130,000 for joint filers this year.
6. Tuition Deductions
(people often don’t include because they don’t understand) For
2013, it is possible for you to deduct up to $4,000 for higher
education tuition and qualifying fees. The deduction phases out
at $80,000 for single filers and $160,000 for joint returns.
7. The Charitable IRA
You can give up to $100,000 of your IRA to a charity and
escape paying any taxes on that amount. Far better to
potentially gift that away versus using cash, especially for
those over 70 ½ who are forced to make a required
minimum distribution.
8. Convert To A Roth IRA
As the saying goes, taxes and death are the two inevitabilities
of life. One question you should be asking is whether it is better
to pay tax now or pay tax later. If you had an off year or a down
year in your income, it may make sense to convert some or all
of your Traditional IRA’s to Roth IRA’s.
9.PayYourStateEstimatedTaxesBeforeDec.31st
If your state has a state income tax, the state income tax paid
during the year is deductible as an itemized deduction on your
federal tax return. The fourth quarter estimated installment for
2014 is due on January 15, 2016 for most states. If additional
state income tax payments in 2014 can benefit you as an
itemized deduction, you should get that payment in before the
end of the year.
If you have a business, and you anticipate purchasing
additional equipment for the business, consider taking
advantage of the bonus depreciation deduction and/or the
Sec 179 expensing deduction. Equipment includes machinery,
computer systems, communication systems, office furnishings,
etc.
THE CONTENT IS DEVELOPED FROM SOURCES BELIEVED TO BE PROVIDING ACCURATE INFORMATION. THE INFORMATION IN THIS MATERIAL IS NOT INTENDED AS TAX OR
LEGAL ADVICE. IT MAY NOT BE USED FOR THE PURPOSE OF AVOIDING ANY FEDERAL TAX PENALTIES. PLEASE CONSULT LEGAL OR TAX PROFESSIONALS FOR SPECIFIC
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SOLICITATION FOR THE PURCHASE OR SALE OF ANY SECURITY. COPYRIGHT 2014 HELLO MY NAME IS, LLC.