Frazer LLP Blog

Buy those business assets now

Nov 30, 2018 11:09:00 AM / by Christopher Pham, CPA posted in Tax, deductions, Business Expense Deductions

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The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability with these breaks, but you need to act soon.

 

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Home green home

Nov 13, 2018 8:49:00 AM / by Leland Kootstra posted in Tax, deductions, Green, Alternative Energy

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“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the home.

 

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What can you deduct when volunteering?

Nov 6, 2018 8:22:00 AM / by Cindy Lim, CPA posted in Tax, deductions, Community Involvement

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Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case.

Donations of time or services aren’t deductible. It doesn’t matter if it’s simple administrative work, such as checking in attendees at a fundraising event, or if it’s work requiring significant experience and expertise that would be much more costly to the charity if it had to pay for it, such as skilled carpentry or legal counsel.

However, you potentially can deduct out-of-pocket costs associated with your volunteer work.

 

 

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Tax Breaks for Teachers

Oct 2, 2018 12:05:00 PM / by Kaylene Edwards, CPA posted in Tax, Teachers, deductions

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When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the Tax Cuts and Jobs Act (TCJA).

 

 

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Should you adjust your withholding?

Sep 28, 2018 12:05:00 PM / by Helen Kim, CPA posted in Tax Deadlines, Tax

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If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan.

That’s why a large refund for the previous tax year would usually indicate that you should consider reducing the amounts you’re having withheld (and/or what estimated tax payments you’re making) for the current year. But 2018 is a little different.

 

 

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Estimated Tax Payments

Sep 7, 2018 9:35:55 AM / by Jonathan Smeragliuolo, CPA posted in Tax Deadlines, Tax

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To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17.

If you don’t have an employer withholding tax from your pay, you likely need to make estimated tax payments. But even if you do have withholding, you might need to pay estimated tax. It can be necessary if you have more than a nominal amount of income from sources such as self-employment, interest, dividends, alimony, rent, prizes, awards or the sales of assets.

 

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Charitable Deductions

May 9, 2018 7:00:00 AM / by Jamie Fortin, CPA posted in deductions, Charitable Donations, tax bill

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When planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate.

Type of gift

One of the biggest factors affecting your deduction is what you give:

Cash. You may deduct 100% gifts made by check, credit card or payroll deduction.

Ordinary-income property. For stocks and bonds held one year or less, inventory, and property subject to depreciation recapture, you generally may deduct only the lesser of fair market value or your tax basis.

Long-term capital gains property. You may deduct the current fair market value of appreciated stocks and bonds held for more than one year.

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Casualty losses can provide a deduction

Apr 4, 2018 12:00:00 AM / by Kaylene Edwards, CPA posted in losses, casualty, disaster

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If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. For 2018 through 2025, however, the Tax Cuts and Jobs Act suspends this deduction except for losses due to an event officially declared a disaster by the President.

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Section 179 Benefits

Mar 28, 2018 12:00:00 AM / by Cindy Lim, CPA posted in Tax, section, 179

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If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it beginning in 2018.

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2018 Tax Calendar

Feb 15, 2018 2:57:50 PM / by Jonathan Smeragliuolo, CPA posted in Tax

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To help you make sure you don’t miss any important 2018 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Be aware that some deadlines have been moved up or pushed back compared to previous years. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.

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