The alternative minimum tax (AMT) system was originally enacted to ensure that all taxpayers, particularly higher-income taxpayers, pay at least a minimum amount of federal income tax. The AMT generally imposes a minimum tax on taxpayers who have substantially lowered their regular tax liability by taking advantage of tax-favored and preference items, including deductions, exemptions,… Read More

As year-end approaches, every business should consider the many opportunities that might be lost if year-end tax planning is not explored. A business may want to consider several general strategies, such as use of traditional timing techniques for delaying income recognition and accelerating deductions. A business should also consider customized strategies tailored to its particular… Read More

For the last few years, there has been talk of major tax reform that would place an increased tax burden on higher income individuals. President Trump proposed a tax reform plan that would reduce individual tax rates, abolish the alternative minimum tax (AMT) and federal estate tax, and more. Individual rates under the President’s proposal… Read More

Owning your own business can be very rewarding, both personally and financially. Being the sole decision-maker for this important undertaking can also be overwhelming. Business owners have many choices to make, and these decisions involve tax consequences that are not always foreseen. So, it’s important to work with your tax professional to help minimize your… Read More

Buying a home is the single most valuable investment most families make, and home ownership offers tax breaks that make it the foundation for your overall tax planning. While the majority of home buyers are no longer first-time buyers, the tax law provides numerous incentives to home ownership for everyone. Buying, rather than renting, replaces… Read More

With almost three-quarters of the year squarely behind us, now is a great time to assess your tax situation. Even though tax law changes are up in the air again this year, here are five moves, with the help of your tax professional, that you should consider right now. One – Deductions and Credits Look… Read More

If you work out of your home you’re part of a growing trend. What’s important to you, however, is that you may qualify for some valuable federal income tax deductions. You may be able to deduct part of your home’s normal operating expenses for items such as utilities and insurance, you may be able to… Read More

Children are a joy, no doubt—at least most of the time. But they can also be expensive, as we are reminded every fall at back-to-school time. Backpacks, school supplies and new clothes may reduce your bank account, but it’s a good idea to plan or review the tax saving you may be eligible for as… Read More

Parents with young children are faced with many rewards and challenges. One of which may be saving for the high cost of a college education which for public colleges is nearing $25,000 per year. However, there are two tax-favored options that might be beneficial: a qualified tuition program and a Coverdell education savings account. These… Read More

In a previous blog, the the whole idea behind medical expense deductions and when to deduct and whose expenses to include was discussed. In this article, we’ll look more closely at specifically which expenses can and cannot actually be deducted. With help from the examples below, you’ll be able to gather all of your documentation… Read More