Frazer LLP Blog

Tax-Saving Ideas for Your Investments

Oct 9, 2017 11:00:00 AM / by Cindy Lim, CPA posted in Tax, Investments, Tax Savings

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A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. So if you’ve cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those investments before year end to offset your gains. This can reduce your 2017 tax liability.

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Increase Your 401(k) Contributions Before Year End

Sep 25, 2017 11:03:26 AM / by Kaylene Edwards, CPA posted in Retirement Planning, 401k

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One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step.

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2017 Q4 tax calendar: Key deadlines for businesses and other employers

Sep 19, 2017 9:07:00 AM / by Jane Warren, CPA posted in Tax

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Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth 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.

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Can I undo my Roth IRA conversion?

Sep 15, 2017 9:34:56 AM / by Jonathan Smeragliuolo, CPA posted in Tax, Roth IRA

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Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that you would have been better off if you hadn’t converted it? Fortunately, it’s possible to undo a Roth IRA conversion, using a “recharacterization.”

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What is the tax deduction for donating a vehicle?

Jul 31, 2017 12:00:00 PM / by Cindy Lim, CPA posted in Tax, Charitable Donations

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All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction.

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Are My Moving Costs Tax Deductible?

Jul 24, 2017 11:00:00 AM / by Christopher Pham, CPA posted in Tax, Moving Expenses

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Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that you might be eligible for a federal tax deduction for your moving costs.

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2017 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Jul 17, 2017 4:08:47 PM / by Jane Warren, CPA posted in Tax, Tax Deadlines

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Here are some of the key tax-related deadlines affecting businesses and other employers during the third 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.

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Protect Your Construction Company with a Buy-Sell Agreement

May 19, 2017 12:29:04 PM / by Brian Tunnelle posted in Construction, Buy-Sell Agreement

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There’s one contract every construction business owner needs to sign that sometimes goes overlooked: a buy-sell agreement. 

A “buy-sell,” as it’s often called for short, is a contract set forth by the owner or owners of a business that describes how ownership changes will take place. Like a good insurance policy, one of these arrangements will help protect you and other owners in difficult times.

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Home Related Tax-Saving Opportunities

Apr 5, 2017 2:33:06 PM / by Jonathan Smeragliuolo, CPA posted in Tax, Tax Breaks, Home Related Tax Deductions

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Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017:

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2016 IRA contributions: there's still time!

Mar 21, 2017 1:41:22 PM / by Cindy Lim, CPA posted in Tax, IRAs, Retirement Planning

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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.

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