Taxation Insights

Tax Tip: Without proper planning, there’s a risk that the government will confiscate your guns or that the executor of your estate, your trustees or your beneficiaries will inadvertently commit a felony. Plan ahead by considering creating a gun trust and appoint a trustee who has experience on gun laws and safety.

Business owners either established or just starting up, should maintain accurate records for income and expenses. Carefully documenting expenses is essential to claiming all eligible tax deductions. Having good standing records can help defend amounts reported on tax returns in case of an IRS audit or court challenge.

The value of an effective mentorship can make a difference in personal and professional growth of employees. Overall effecting the performance of individuals involved, increasing productivity, and fostering self-development through encouragement in the expansion of professional expertise.

Tax Tip: Tax credits are more valuable than a tax deduction, however they are not unlimited. The general business credit can limit the aggregate value of tax credits.

Tax returns are due but once a year. However, paying taxes — through withholding from taxpayer wages, estimated tax payments, or both — is a year-round activity. That’s why it’s a good idea for taxpayers to review their tax payments regularly throughout the year to ensure they’re as accurate as possible.

When making transfers of business interests or other assets to family members, there’s a three-year period where the IRS can challenge their values for gift tax purposes. During that time, the tax agency can claim the transfers originally treated as nongifts were actually gifts or partial gifts.

If you are self-employed there could be a chance that you are eligible for the self-employed health insurance deduction. Keeping in mind that the deduction can't exceed the net income you earn from your business.

Tax season is in full swing and Tax Day is in the near future. Help our tax professionals help you with these simple steps on submitting clean, crisp, legible documents.