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Philip L. Liberatore, CPA Blog

Reap the most savings with early planning for changing conditions

You already know that tax laws — and your opportunities to plan for them — change regularly. This year, with comprehensive tax reform a real possibility, early planning, combined with a commitment to adapt to changing conditions, will help you reap the most savings. Here are suggestions to get you started. Regardless of what other tax changes Congress makes, it's likely that a deduction for charitable donations...

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Tax highlights for 2016 returns and 2017 planning

While last year was quiet in terms of tax legislation, you'll want to be aware of some changes that will have an impact on your 2016 personal and business tax returns and your 2017 planning. Here's a brief summary. In general, funds you withdraw from your IRA must be redeposited within 60 days of receipt. In some cases, when you inadvertently miss the 60-day deadline, you can get relief by "self-certifying" that the...

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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 applies to copies submitted to the Social Security Administration. Form 1099-MISC. The...

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Is 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 remaining states have no statewide sales tax, certain local areas within those states can collect sales tax....

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What’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. See us prior to making business and financial decisions so that current rules...

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2016 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 beyond. Practically speaking, while tax reform continues to be a talking point in Congress and in...

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Create 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 your plan together. Participating in a retirement plan is a tax deferral strategy with a double...

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Proposed 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 techniques. Here's what you need to know. What's changing. The new rules will limit the "valuation discounts" created...

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2016 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 rate. Breaks now permanent — 1) optional deduction for state and local sales tax in...

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Keep 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 not apply to this year's returns. Here's what to think about as you prepare for the upcoming filing...

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