Tax Tips

Existing corporations that are eligible to elect to be treated as an S corporation need to file Form 2553, Election by a Small Business Corporation by March 15.  The income of an S corporation generally is taxed to the shareholders of the corporation rather than to the corporation itself. In order to make the election, the entity needs to meets all of the…

Military Veterans and Active Duty Personnel may qualify for special tax benefits. It is important for you to understand what is excluded from income, what is taxable, and what credits veterans can claim. Below you will find some highlighted points on the matter. For more information about these benefits and credits please visit Tax Information for Members…

Since 2001, Taxpayers have had the ability to deduct a percentage of the acquisition costs of qualifying assets for their businesses as “Bonus Depreciation.” This provision in the tax code was intended to encourage a business to invest in new property and equipment and it was originally enacted as a temporary measure to stimulate the economy.…

When a home buyer is unable to make a down payment of at least 20% of the home purchase price, they are required to buy Private Mortgage Insurance (PMI) which is designed to protect the lender in case of default on the mortgage. The PMI premiums have been deductible as an itemized deduction since 2007. However, this tax deduction expired at the end of 2016 and no longer…

On December 22, 2017, the Tax Cuts and Jobs Act was signed into law and it most likely will have a significant impact on businesses, individuals and tax preparers in future tax years. Most of the changes in the tax code contained in the Tax Cuts and Jobs Act are not effective until 2018 or later. For the upcoming tax season, the only significant change that should…