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Mid-Year Tax Check-In

Posted by Michael Royer on Jun 29, 2017 8:32:26 AM

 

Last year's tax season may seem like it is just behind us, but the 2017 tax year is already halfway over! Did you know a mid-year assessment can influence your tax outcome? If you’d like to minimize your tax liability and the effort involved with tax filing, let out knowledgeable accountants conduct a review today.

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Topics: Insider, Tax Tips, Tax Laws, Tax Planning, Accounting, BTR, Accounting News

How Much "Accounting" do you need?

Posted by Michael Royer on Jan 27, 2017 11:16:35 AM

Every business, from a Fortune 500 Company to a one-person consulting practice, needs to account for their revenues, expenses, asset, liabilities, and equity in a systematic manner.  Who needs this “accounting”?

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Topics: Tax Tips, Tax Planning, Accounting

Identity Theft

Posted by Michael Royer on Oct 3, 2016 10:53:00 AM


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Topics: IRS, Tax Scams, Accounting, Trust, Identity Theft

12 Do's & Don'ts Every Entrepreneur Should Know

Posted by Michael Royer on Sep 21, 2016 9:28:00 AM

We’ve all seen startup companies flourish, and we’ve all seen them fail. You’ve probably noticed that success or failure is often based on a company’s financial situation. By “financial situation” I don’t necessarily mean just how much money you do or don’t have, but also how you track it, where you spend it, your expectations, and so on. 

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Topics: Start Up, Entrepreneurs

Tax Scams To Watch Out For This Summer

Posted by Michael Royer on Jul 27, 2016 3:00:00 PM

 

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Topics: IRS, Tax Scams

The Best Advice I Ever Got Was.....

Posted by Michael Royer on Apr 30, 2016 10:40:00 AM

 

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Topics: Insider, Entreprenueship, Start Up

De Minimis Safe Harbor

Posted by Michael Royer on Mar 17, 2016 1:52:00 PM

For 2014, the IRS issued a whole new set of regulations governing the tax treatment of tangible property (buildings, equipment, computers, etc.) placed in service by a business, rental property owner, or farm.  Among these regulations was a new “de minimis safe harbor” (DMSH) for small capital expenditures.  This safe harbor, if elected on a tax return, stated that the IRS would not challenge the immediate deduction of any capital expenditures of under $500 per unit, provided that the taxpayer had in place, as of January 1, 2014, accounting procedures for tangible property (generally called a “capitalization policy”) that specified a DMSH amount.  For most taxpayers, this policy did not have to be written.  In addition, the taxpayer’s accounting procedures could specify a higher safe harbor amount if that was more applicable to their business.  However, this higher amount could be challenged by the IRS under audit

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Topics: Tax Laws, Audit, IRS, De Minimis Safe Harbor

2016 Tax Extenders

Posted by Michael Royer on Dec 30, 2015 9:30:42 AM

Congressional leaders are lauding the agreement on a large extenders package that revives over 50 provisions—some permanently, such as the research credit, Code Sec. 179 expensing, and the child credit; some for five years, such as bonus depreciation, and over 25 other provisions through 2016. The $650-billion Protecting Americans from Tax Hikes (PATH) Bill of 2015 also includes over 60 other provisions on miscellaneous topics, including real estate investment trusts, tax administration and more.

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Topics: Tax Tips, Tax Extenders

Year-End Planning: Businesses

Posted by Michael Royer on Nov 19, 2015 3:08:47 PM

Is your business ready?

Businesses seeking to maximize tax benefits through 2015 year-end tax planning may want to consider several general strategies, such as use of traditional timing techniques for income and deductions and the role of the tax extenders (if renewed and in the event they are not renewed), as well as strategies targeted to their particular business. As in past years, planning is uncertain because of the expiration of many popular but temporary tax breaks. Also added to the mix is the far-reaching Affordable Care Act (ACA).

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Topics: Tax Planning

Year-End Planning: Individuals

Posted by Michael Royer on Nov 19, 2015 3:07:10 PM

Many individuals are making plans for colder weather and the year-end holidays. Not to be overlooked should be year-end tax planning. Every individual can develop a year-end tax planning strategy that reflects his or her situation. Our office can help you prepare such a strategy, and the earlier we get started, the greater the potential maximization of benefits.

Year-end tax planning is especially challenging again this year because Congress has yet to act on a host of tax breaks that expired at the end of 2014. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these tax breaks until the very end of this year (and, possibly, not until next year).

Traditional Year-End Considerations

A number of traditional year-end tax planning strategies may be helpful in maximizing tax savings, depending upon your overall tax situation anticipated for the rest of 2015 and estimated for 2016. These include:

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