Frazer LLP Blog

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

Sep 19, 2017 6:07:00 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 6:34:56 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 9:00:00 AM / 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 8:00:00 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 1:08:47 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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Home Related Tax-Saving Opportunities

Apr 5, 2017 11:33:06 AM / 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 10:41:22 AM / 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 8:00:00 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 1:06:52 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 12:58:09 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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