For a small-business owner who works out of his or her personal residence, a home-office deduction can provide significant tax savings, year in and year out. But keeping detailed records is critical. Although you may elect to use a simplified method for deducting home-office expenses on your 2015 tax return, the actual expense method usually [...]
How will you ever save enough money to pay for your children’s college educations? There are no absolute guarantees, but Section 529 plans may help you set aside funds, up to generous limits. Here are the answers to several common questions on this subject. What exactly is a Section 529 plan? Named after the tax [...]
Even though you just put your 2016 tax return to bed, you cannot rest easy. It is already time to pay attention to your tax liability for 2017. Significantly, you may be required to pay installments of “estimated tax” for this year, especially if you are self-employed or retired. The next due date for quarterly [...]
Reap tax rewards for travel and entertainment What are your plans for the summer? If you have a business trip scheduled for a place you would like to visit personally, you might decide to combine a little pleasure with your business. Similarly, you may invite some of your best clients to your home for a [...]
As mentioned previously on our blog, JamisonMoneyFarmer hosted an international summit in Tuscaloosa with its strategic partner firms from Germany and across the United States. The 2017 US German Summit was held April 30 - May 2 with an emphasis on global business trends, cross-border transactions, and international tax strategies. Business Meeting Topics included: Money Laundering, [...]
Benefit from a rollover to an IRA If you receive a distribution from an employer’s retirement plan, such as a 401(k), you are generally required to pay ordinary income tax on the payout. However, with a timely maneuver, you can continue to postpone paying the tax until you are ready to make withdrawals. Basic rules: [...]
One of Alabama’s largest and most respected accounting, tax and advisory firms, JamisonMoneyFarmer PC (“JMF”), will host an international summit in Tuscaloosa with its strategic partner firms from Germany and across the United States. The 2017 US German Summit will be held April 30 - May 2 with an emphasis on global business trends, [...]
Small business owners must remain alert It seems to be in the news every other day: A trusted longtime employee is found guilty of embezzling money from his or her employer. This may give you momentary pause, but then it is likely that you will simply continue to go about your business. After all, this [...]
As we near the end of tax filing season, you might be looking to increase the number of itemized deductions you can use to offset highly taxed ordinary income. What about the grab bag of expenses known as miscellaneous expenses? If you qualify, you might be able to deduct a portion of those expenses on [...]
Did you use your vehicle for business driving in 2016? Generally, you can deduct expenses on your tax return in one of two ways: the actual expense method or the IRS-approved standard mileage rate. Here is a brief comparison: Actual expense method: As the name implies, you can deduct actual expenses attributable to business use [...]