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Philip L. Liberatore, CPA Blog
Up-to-date with due dates
As you prepare for the tax filing season, take note of changes to 2016 tax return deadlines. Here are changes for common forms. Contact us for a complete list. Form W-2. Forms W-2 for 2016 are due January 31 for all copies. In the past, employers had to provide Form W-2 to employees by January 31. Now the January 31 deadline also... Read MoreIs your business liable for taxes in other states?
If you're doing business in more than one state, you need to know about "nexus." Nexus is the level of business presence that enables a state to require you to register and collect taxes.Presently, forty-five states and the District of Columbia have enacted comprehensive sales and use tax laws. While the... Read MoreWhat’s new in 2017
As you do your planning for 2017, be aware that Congress may make changes to the tax code. See us prior to making business and financial decisions so that current rules and pending changes can be considered. Income at which itemized deductions and personal exemptions start to phase out be aware that Congress may make changes to the tax code.... Read More2016 Year End Client Letter
Dear Clients and Friends, So far, 2016 has been a quiet year in terms of new tax legislation. The most recent major change took place last December, with the passage of the Protecting Americans from Tax Hikes Act of 2015 (PATH). Many of the provisions in that law remain in effect until the end of 2016 and... Read MoreCreate a tax-saving plan to reduce your 2016 tax bill
Create a tax-saving plan to reduce your 2016 tax bill Contrary to what you may have heard, there is one sure way to reduce your tax bill: Create a tax-saving plan. And here's more good news — you still have time to establish and implement your plan before the end of the year. Consider these suggestions as you put... Read MoreProposed rules make estate planning an important part of your year-end review
Proposed rules make estate planning an important part of your year-end review Is your estate plan up-to-date? A year-end review as part of your overall tax planning is a good idea, especially in light of recently issued proposed rules that will make significant changes to certain estate planning... Read More2016 tax rules – a quick review
Income tax rates Range from 10% to 35% unless taxable income exceeds $415,050 for singles or $466,950 for married couples. Rate on income above those amounts is 39.6%. Estate & gift tax Annual tax-free gifts allowed with $14,000 per gift limit. Estate tax exemption of $5,450,000 for 2016 with 40% top tax... Read MoreKeep up with Affordable Care Act information reporting
As 2017 approaches, turning your attention to your reporting requirements under the health care law can prevent a beginning-of-the-year rush to gather information. Need additional incentive? Consider this: Though the IRS offered extended deadlines and relief from filing penalties last year, those breaks will likely... Read MoreWrap up tax benefits for year-end charitable gifts
Are you contemplating gifts to charity at the end of this year? Not only do you help out a worthy cause, you can also reduce your 2016 tax bill if you itemize your deductions. Here's how to make sure you'll get the full benefit. The general rule Generally, you can deduct the full amount of contributions you... Read MoreConsultation
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