Frazer LLP Blog

Should you bunch your medical expenses in 2017?

Oct 16, 2017 1:14:00 PM / by Jamie Fortin, CPA posted in Tax, Tax Savings, Medical Expenses

0 Comments

Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction.

Because it can be difficult to exceed the floor, a common strategy is to “bunch” deductible medical expenses into a particular year where possible. If tax reform legislation is signed into law, it might be especially beneficial to bunch deductible medical expenses into 2017.



Read More

Tax-Saving Ideas for Your Investments

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

0 Comments

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.

Read More

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

0 Comments

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.

Read More

Can I undo my Roth IRA conversion?

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

0 Comments

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.”

Read More

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

0 Comments

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.

Read More

Are My Moving Costs Tax Deductible?

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

0 Comments

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.

Read More

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

0 Comments

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.

Read More

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

0 Comments

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:

Read More

2016 IRA contributions: there's still time!

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

0 Comments

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.

Read More

2017 Mileage Deduction Rates

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

0 Comments

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.

Read More

Subscribe to Email Updates

Recent Posts

Popular Posts