The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31:
MORDFIN Blog (page 118)
AXA Advisors Taps Stuart Mordfin to speak at Estate Planning Event – Wednesday, December 20, 2017
Stuart Mordfin To Speak At Mashadi Youth Committee (MYC) Office Dec 9th regarding Estate Planning for Parents With Underage and/or Disabled Children. Don’t miss this important event.
5 simple steps to a better nonprofit budget
Preparing your not-for-profit’s annual budget is probably one of the least appealing parts of your job. Here’s how to make the process a little less painful.
2017 might be your last chance to hire veterans and claim a tax credit
With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do just that, but it may not be available for hires made after this year.
Even if your income is high, your family may be able to benefit from the 0% long-term capital gains rate
We’re entering the giving season, and if making financial gifts to your loved ones is part of your plans — or if you’d simply like to reduce your capital gains tax — consider giving appreciated stock instead of cash this year. Doing so might allow you to eliminate all federal tax liability on the appreciation, or at least significantly reduce it.
Grants can help firm up your nonprofit’s financial foundation
There are more than 87,000 foundations in the United States — including family, corporate and community foundations — according to the Foundation Center. If your not-for-profit isn’t actively seeking grants from these groups, you’re neglecting a potentially significant income source.
Research credit can offset a small business’s payroll taxes
Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit that you can use to offset your federal payroll tax bill.
You may need to add RMDs to your year-end to-do list
As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans. For taxpayers “of a certain age” with a tax-advantaged retirement account, as well as younger taxpayers who’ve inherited such an account, there may be one more thing that’s critical to check off the to-do list before year end: Take required minimum distributions (RMDs).
Valuing and reporting gifts in kind and donated services
Not-for-profit organizations don’t receive only cash donations. Your support also likely comes in the form of gifts in kind and donated services. But even when such gifts are welcome, it can be challenging to determine how to recognize and assign value to them for financial reporting purposes.
How to maximize deductions for business real estate
Currently, a valuable income tax deduction related to real estate is for depreciation, but the depreciation period for such property is long and land itself isn’t depreciable. Whether real estate is occupied by your business or rented out, here’s how you can maximize your deductions.