Frazer LLP Blog

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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2017 Mileage Deduction Rates

Mar 13, 2017 11:00:00 AM / by Jonathan Smeragliuolo, CPA posted in Tax

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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.

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Beware of New Tax Scam

Sep 30, 2016 4:06:52 PM / by Jeff C. Jones, CPA posted in Tax, CP-2000 Letters, Tax Scam

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A new scam is being circulated to taxpayers:

The IRS has warned that a new scam uses fraudulent notices (CP-2000 letters) to try and extract money from taxpayers. These fraudulent notices look convincing. The balance due amounts are generally low enough that taxpayers may be inclined to pay the amount requested rather than contact their accountants.  

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How should I document business expense deductions?

Sep 19, 2016 3:58:09 PM / by Jane Warren, CPA posted in Tax, Business Expense Deductions

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If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recent U.S. Tax Court cases that help illustrate the rules for documenting deductions: insufficient records and destroyed documents.

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Victim of disaster, fire or theft? How to deduct losses.

Jun 27, 2016 12:00:00 PM / by Nancy Chung, CPA posted in Tax

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If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include losses from normal wear and tear or progressive deterioration from age or termite damage.

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What Are the Tax Consequences of a Home Sale?

Jun 15, 2016 12:47:06 PM / by Cindy Lim, CPA posted in Tax

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As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the market. After all, in many locales, summer is the best time of year to sell a home. But it’s important to think not only about the potential profit (or loss) from a sale, but also about the tax consequences.

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Contribute to your IRA by April 18, 2016

Mar 23, 2016 12:13:00 PM / by Cindy Lim, CPA posted in Tax, IRAs, Retirement Planning

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Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years. So it’s a good idea to use up as much of your annual limits as possible. Have you maxed out your 2015 limits?

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Pre-Immigration Tax Planning for Non-Resident Aliens

Mar 17, 2016 12:30:00 PM / by Jeff C. Jones, CPA posted in Tax, Non-Resident Aliens, Immigration

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With increasing frequency our firm consults with foreign individuals (in U.S. tax law parlance, Non-Resident Aliens or NRA’s, aka foreign nationals) who are considering immigration to the United States.  Many of these NRA’s are wealthy and hold significant businesses, income-producing real estate, and liquid assets, in addition to their residence in their foreign country.

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Are all charitable donations created equal?

Mar 14, 2016 1:00:00 PM / by Nancy Chung, CPA posted in Tax, Charitable Donations

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When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep in mind the available deduction:

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