The election is over, so now we can start speculating as to what will happen in the lame duck session, and what a Trump-Pence Administration might mean for tax policy. Your advisors at Smith & Howard would like to offer the following suggestions as we approach year-end.
Year-End Planning with the Lame Duck Session and President-elect Trump
Posted by nhogan on Dec 5, 2016 2:24:40 PM
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Topics: Tax, Uncategorized
Good news for wealthy taxpayers who seek to avoid the 40% federal estate tax: The IRS has announced an increase in the estate and gift tax exemption for 2017, to $5.49 million per individual, up from $5.45 million in 2016.
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Topics: estate planning, gift tax, Tax, Uncategorized
A Post-Election Analysis: Tax Cut Proposals on the Horizon
Posted by nhogan on Nov 15, 2016 1:04:06 PM
As the dust settles from President-elect Donald Trump’s historic victory and the accompanying Republican sweep of the U.S. House and Senate, it is possible Americans could see significant tax cuts as early as 2017. The tax cuts proposed by President-elect Trump are among the largest proposed since the days of President Ronald Reagan. If his tax proposals are passed as originally set forth during the campaign, we can expect to see major changes for individuals and businesses. As proposed, those changes include:
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Topics: Proposed Tax Plan, Donald Trump, Presidential Election, Tax, Uncategorized
What You Should Know About the Alternative Minimum Tax
Posted by bgoricki on Oct 20, 2016 11:50:45 AM
When it comes to paying taxes most people want to understand the basics: how much will they owe and when are taxes due. The Alternative Minimum Tax (AMT) —not so much.
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Topics: AMT Tax, Tax, Tax Planning, Uncategorized
Be Aware of Significant Tax Filing Deadline Changes for 2017
Posted by bgoricki on Oct 20, 2016 9:57:20 AM
Change is in the air when it comes to tax filing deadlines for the 2016 reporting year. Most of the changes were included in the Surface Transportation Act of 2015, which included 2016 effective dates.
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Topics: Tax, tax deadlines, Tax Planning, Uncategorized
The IRS has issued an alert about an emerging phishing scheme. The alert concerns fraudulent emails that are being sent with fake IRS tax bills related to the Affordable Care Act. The emails, which have reportedly surfaced across the country, request additional information and payment requests due to underreported income.
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Topics: phishing schemes, individual tax, Tax, taxpayer scams, Uncategorized
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Topics: Form 990, Nonprofit accounting, Nonprofits, Tax, Uncategorized
Year-End Tax Planning for Contractors: Take Advantage of These Depreciation-Related Tax Breaks
Posted by bgoricki on Sep 21, 2016 4:34:43 PM
With a few months left to go in 2016, it’s a good time for contractors to consider their tax situations for the year and to take steps that may help reduce their prospective tax liability. Notably, the passage of the Protecting Americans from Tax Hikes (PATH) Act of 2015 extended or made permanent a number of breaks with the potential to provide significant savings.
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Topics: Construction, contractor, Tax, Tax Breaks, Tax Planning, Uncategorized
Capture Tax Savings through Repair and Maintenance Expenses
Posted by bgoricki on Sep 8, 2016 1:16:48 PM
Tax relief opportunities for owners of real estate can be found in unexpected places—from parking lot striping to lobby renovations and LEED improvements. In this article, we tackle some of the finer points of the repair and maintenance (R&M) regulations available to taxpayers. As you read, consider the types of R&M you may have performed or anticipate performing on your property, and see if we can help you take advantage of tax savings.
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Topics: R&M, real estate, repair and maintenance, Tax, tax savings, Uncategorized
While most Americans are fairly well-versed in Roth IRAs – a retirement vehicle in play since 1997 – fewer are as familiar with the Roth 401(k). In essence, the Roth 401(k), an employer-sponsored investment savings plan, combines advantageous features of the Roth IRA and a traditional 401(k) plan. More than 60 percent of employers now offer this retirement savings plan option.
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Topics: 401(k), Roth 401k, Tax, Uncategorized