Paying for tuition

Posted on Leave a commentPosted in Tax

Prepaid tuition vs. college savings: Which type of 529 plan is better? Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits: Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. Some states offer tax incentives for contributing in the form […]

Document!

Posted on Leave a commentPosted in Business Taxes, Tax

Documentation is the key to business expense deductions 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. Case 1: Insufficient records In the first case, the […]

Now’s the time to start thinking about “bunching” — miscellaneous itemized deductions, that is

Posted on Leave a commentPosted in albuquerque CPA , TAX advice, Colorado Tax and Accounting Consultation, Tax

  Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this “floor.” So now is a good time to add up your potential deductions to date […]

Combining business and vacation travel: What can you deduct?

Posted on Leave a commentPosted in albuquerque CPA , TAX advice, Business Planning and Consulting, Business Taxes, Colorado Tax and Accounting Consultation, Tax, Uncategorized

If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation expenses Transportation costs to and from the location of your business activity are 100% deductible as long as the primary reason for the […]

Some things for Anthony Scaramucci and Deidre Ball to consider – tax considerations in divorce.

Posted on Leave a commentPosted in Personal consulting, Personal Finances, Tax

With everyday giving us exciting headlines of the workings of the White House; we wonder if Anthony Scaramucci, the new communications director and his soon to be ex, Deidre Ball have considered how their divorce may affect their taxes. I have no association with either party, but divorces do happen and this might be a […]

Direct payments of tuition and medical expenses can reduce future estate tax exposure

Posted on Leave a commentPosted in Estate Tax, Personal Finances, Tax

With the gift and estate tax exemption at $5.45 million in 2017, you may be less concerned about these taxes. But if you don’t take advantage of making tax-free direct payments of tuition and medical expenses, you’re missing a valuable opportunity to reduce your potential gift and estate tax exposure down the road. Leveraging the break […]

Making a Charitable IRA Rollover and Reducing your AGI.

Posted on Leave a commentPosted in Personal Finances, Tax, Uncategorized

Should you make a “charitable IRA rollover” in 2017? Last year a break valued by many charitably inclined retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on […]