Tax Planning & Preparation


  Discover Four Benefits of the Safe Harbor Expensing Rules   For 2018, you can elect the de-minimis safe harbor to expense assets costing $2,500 or less ($5,000 with audited financial statements or something similar). The term “safe harbor” means that the IRS will accept your expensing of the qualified assets if you properly abided by the rules of the safe harbor. Here are four benefits of this safe harbor: Safe harbor...

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  Tax Day is on Tuesday, April 18th this year due to a Federal Holiday. I know there are some of you out there who have not filed your tax returns yet. If you are one of them, this article is for you. Here will we explore three areas of your tax return that will yield the highest impact in the amount of your refund or the reduction of your income tax liability. The three areas Adjustments, Deductions and Credits. You will find...

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The 2016 tax season brings new due dates that will impact nearly all filers, mainly because of changes related to legislation Congress passed.  The due date changes with the most impact will likely be those changes for Partnership tax returns (Form 1065) and C Corporation tax returns (Form 1120). Essentially the due dates have swapped, with Partnership returns due March 15th and C Corporation returns due April 18th. The significant...

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