Keeping life insurance out of your estate

How to make sure the life insurance benefits your family will receive after your death and avoid the federal estate tax. Under the estate tax rules, insurance on your life will be included in your taxable estate if either:  Your estate is the beneficiary of the insurance proceeds, or  You possessed certain economic ownership rights (“incidents […]

real estate professional

How to qualify as a real estate professional

How to qualify as a real estate professional: 1. First, you must materially participate (see below) in a real estate business. The business of renting and leasing realty is a real estate business. 2. Second, more than 50% of the personal services you perform in all businesses during the year must be performed in real […]

Small employer health insurance credit

The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate-income workers and lower-income workers. For tax-exempt employers, the credit is a refundable tax credit limited to the amount of the payroll taxes (as defined below). During the first phase of the credit, (i.e., tax years beginning in 2010, 2011, 2012, or […]

S corporation as choice of entity

S corporations the most suitable form of business for the new venture Here is an explanation of the reasons why. The biggest advantage of an S corporation over a partnership is that as S corporation shareholders you would not be personally liable for corporate debts. In order to receive this protection, it is important that […]

Substantiating employee expense account and expense reimbursement arrangements.

Substantiating employee expense account and expense reimbursement arrangements. Q- 1. Do you have an expense account or expense reimbursement arrangement with your employer? A- A. You get a better tax result on your own income tax return if your expense account or reimbursement arrangement qualifies as an “accountable” plan. (See B, below) Under such a […]

Tax aspect of a parent entering a nursing home

Tax aspect of a parent entering a nursing home.  Deductibility of long-term medical care services: The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical expenses, exceed 10% of adjusted gross income in 2017 (7.5% in 2018). Qualified long-term care services are necessary […]

suv write-off

Faster write-off for heavy sport utility vehicles (SUVs)

Cars are subject to more restrictive rules than those that apply to other depreciable assets. The TCJA added additional increases.  If you place a vehicle in service in 2018, then the maximum deductions are $18,000 for year 1, including bonus of $10,000 $16,000 for year 2 $9,600 for year 3 $5,760 for every additional year […]

The “kiddie tax”

Save taxes by transferring assets into your children’s names. This tax technique is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower tax brackets of your children. While some tax savings are available through this approach, the “kiddie tax” rules impose substantial limitations on […]

stocks

Incentive stock options (ISOs)

Thee tax consequences to you of your company’s offer to grant you an incentive stock option (ISO) on its stock. The ISO gives you the right to buy 1,000 shares of the company’s stock at its fair market value (FMV) at the time of the ISO’s grant, which is expected to be about $100 per […]

Your Estate Plan – Business Disposition

Retirement is an event that often triggers one’s desire to review his estate plan. Even if you’re are not ready for a full-scale review, retirement may directly affect certain elements of your estate plan and require that those be looked at in light of the changed circumstances. Review existing arrangements for disposition of the business […]

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David DennisCertified CPA