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Piggy Bank

2016 IRA contributions — it’s not too late!

By Legacy Protection, LLP |

Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea. Benefits beyond a deduction Tax-advantaged retirement plans like IRAs… Read More »

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Elderly parent

When an elderly parent might qualify as your dependent

By Legacy Protection, LLP |

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic qualifications For you to qualify for the adult-dependent exemption, in… Read More »

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Safe Harbors

Tangible property safe harbors help maximize deductions

By Legacy Protection, LLP |

If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make sure they were truly “repairs,” and not actually “improvements.” Why? Costs incurred to improve tangible property must be depreciated… Read More »

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Mileage

Deduct all of the mileage you’re entitled to — but not more

By Legacy Protection, LLP |

Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to deduct miles driven for other purposes, including medical, moving and charitable purposes. What are… Read More »

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Gift Tax

Do you need to file a 2016 gift tax return by April 18?

By Legacy Protection, LLP |

Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making a gift, it’s important to know under what circumstances you’re required to… Read More »

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ISOs

What you need to know about the tax treatment of ISOs

By Legacy Protection, LLP |

Incentive stock options 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 type of… Read More »

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Deduction for Domestic Production

The “manufacturers’ deduction” isn’t just for manufacturers

By Legacy Protection, LLP |

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… Read More »

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Tax Brief

Deduction for state and local sales tax benefits some, but not all, taxpayers

By Legacy Protection, LLP |

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 a car or… Read More »

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tax fraud

Help prevent tax identity theft by filing early

By Legacy Protection, LLP |

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: January 23. That’s… Read More »

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word cloud - donation

Ensure your year-end donations will be deductible on your 2016 return

By Legacy Protection, LLP |

Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. To ensure your donations will be deductible on your 2016 return, you must make them by year end to qualified charities…. Read More »

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