Adam Traywick, LLC - Certified Public Accountant

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 5 days ago

New blog articles detected

  • SEPs: A Powerful Retroactive Tax Planning Tool

    Simplified Employee Pensions (SEPs) are sometimes regarded as the “no-brainer” first choice for high-income small-business owners who don’t currently have tax-advantaged retirement plans set up for themselves. Why? A SEP is easy to establish, unlike other types of retirement plans, and a powerful retroactive tax planning tool: The deadline for setting up a SEP is […] The post SEPs: A Powerful Retr...

  • What You Need to Know About the Tax Treatment of ISOs

    Incentive stock options (ISOs) allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex tax rules apply to this […] The post What You Need to Know About the Tax Treatment of ISOs appeared first on Fort Worth CPA...

  • Take Small-Business Tax Credits Where Credits Are Due

    Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two available credits are especially for small businesses that provide certain employee benefits. And one of them might not be available after 2017. 1. Small-business health care credit The Affordable Care Act (ACA) offers a credit to certain small employers that provide employees with health […] The post Take S...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 1 week ago

New blog articles detected

  • The “Manufacturers’ Deduction” Isn’t Just for Manufacturers

    The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies. Sec. 199 deduction 101 The Sec. 199 deduction, also called the “domestic production activities deduction,” is 9% […] The post The “Manufact...

  • 2016 Higher-Education Breaks Can Save Your Family Taxes

    Did you have a college student in your family last year? Were you a student yourself? If so, you may be eligible for some valuable tax breaks on your 2016 return. To max out your higher education breaks, you need to see which ones you’re eligible for and then claim the one(s) that provide the […] The post 2016 Higher-Education Breaks Can Save Your Family Taxes appeared first on Fort Worth CPA Adam...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 2 weeks ago

New blog articles detected

  • The Investment Interest Expense Deduction: Less Beneficial Than You Might Think

    Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — is generally deductible for both regular tax and alternative minimum tax (AMT) purposes. But special rules apply that can make this itemized deduction less beneficial than you might think. Limits on the deduction […] The post The Investment Interest Expense Deduction: Less Be...

  • Why 2016 May Be an Especially Good Year to Take Bonus Depreciation

    Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The PATH Act, signed into law a little over a year ago, extended 50% bonus depreciation through 2017. Claiming this break is generally beneficial, though in some cases a business could save more tax […] The post Why 2016 May Be an Espec...

  • Deduction for State and Local Sales Tax Benefits Some, but Not All, Taxpayers

    The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “permanent” a little over a year ago. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as […] The post Deduction for State and Local Sales Tax Benefits Some, but Not All, Taxpayers appeared fi...

  • Can You Defer Taxes On Advance Payments?

    Many businesses receive payment in advance for goods and services. Examples include magazine subscriptions, long-term supply contracts, organization memberships, computer software licenses, and gift cards. Generally, advance payments are included in taxable income in the year they’re received, even if you defer a portion of the income for financial reporting purposes. But there are exceptions […] ...

  • Help Prevent Tax Identity Theft by Filing Early

    If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 18 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 16. But there’s another date you should keep in mind: […] The post Help Prevent Tax Identity Theft by Filing Early appeared first on Fort Worth CPA Adam Tray...

  • New HRA Offers Small Employers an Attractive, Tax-Advantaged Health Care Option

    In December, Congress passed the 21st Century Cures Act. This long and complex bill covers a broad range of health care topics. Of particular interest to some businesses should be the Health Reimbursement Arrangement (HRA) provision. With this provision, qualified small employers can now use HRAs to reimburse employees who purchase individual insurance coverage, rather […] The post New HRA Offers ...

  • 2017 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

    Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January […] The post 2017 Q1 Tax Calendar: Key Deadlines for B...

  • How Entity Type Affects Tax Planning for Owner-Employees

    Come tax time, owner-employees face a variety of tax planning challenges, depending on whether their business is structured as a partnership, limited liability company (LLC) or corporation. When you’re thinking about your 2016 filing or planning for 2017, it’s important to be aware of the challenges that apply to your particular situation. Partnerships and LLCs […] The post How Entity Type Affects...

  • Few Changes to Retirement Plan Contribution Limits for 2017

    Retirement plan contribution limits are indexed for inflation, but with inflation remaining low most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to defined contribution plans, which has gone up by $1,000. Type of limit 2017 limit Elective deferrals to 401(k), 403(b), 457(b)(2) […] The post Few Changes to Retirement Plan Contri...

  • Want to Save for Education? Make 2016 ESA Contributions by December 31

    There are many ways to save for your child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the opportunity will be lost forever. We’re talking about Coverdell Education Savings Accounts (ESAs). How ESAs work With an ESA, you contribute money now that the […] The post Want to Save for Education? Make 2016 ESA Contributio...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 4 months ago

New blog articles detected

  • Documentation Is The Key To Business Expense Deductions

    If your records are incomplete or missing and you get audited by the IRS, your business will likely lose out on valuable deductions. These two recent U.S. Tax Court cases that help illustrate the rules for documenting deductions. Case 1: Insufficient records In the first case, the court found a taxpayer with a consulting business […] The post Documentation Is The Key To Business Expense Deductions...

  • Tax Impact of Investor vs. Trader Status

    If you invest, whether you’re considered as an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified as investors for tax purposes. This means any net gains are treated as capital gains rather than ordinary income. That’s good […] The post Tax Impact of Investor vs. Trader Status appeared first on Fort...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 5 months ago

New blog articles detected

  • Looking For a Retirement Plan For Your Business? Here’s One SIMPLE Option

    Has your small business procrastinated in setting up a retirement plan? You might want to take a look at a SIMPLE IRA. SIMPLE stands for “savings incentive match plan for employees.” If you decide a SIMPLE IRA is right for your company, you must establish it by no later than October 1 of the year […] The post Looking For a Retirement Plan For Your Business? Here’s One SIMPLE Option appeared first ...

  • Are Frequent Flyer Miles Ever Taxable?

    If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume that there are no tax implications involved. You’re probably right, but there’s a chance your miles could be taxable. Usually tax free As a general rule, miles […] The post Are Frequent Flyer Miles Ever Taxable? appeared first on Fort Worth CPA A...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 5 months ago

New blog articles detected

  • The Irs Can Reclassify S Corporation Distributions As Wages

    If you run your business as an S corporation, you’re probably both a shareholder and an employee. As such, the corporation pays you a salary that reflects the work you do for the business. This means you (and your company) must remit payroll tax on some or all of your wages. By distributing profits in […] The post The Irs Can Reclassify S Corporation Distributions As Wages appeared first on Fort W...

  • Now’s The Time To Start Thinking About “Bunching” Miscellaneous Itemized Deductions

    Many of the expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this “floor.” So now is a good time to add up your potential deductions to […] The post Now’s The Time To Start Thinking About “Bunching” Miscellaneous Itemi...

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