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Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More


Congress passes targeted tax bills, stop-gap spending measure

As lawmakers prepared to recess for November elections, they also passed ... Read More


FAQ: What is the 80/50 rule for van pooling?

Federal tax law allows taxpayers to exclude from income ...
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How do I....subordinate a federal tax lien?

A federal tax lien on real or personal property may be terminated or altered ...
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October 2016 tax compliance calendar

As an individual or business ...
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Year-end tax planning is right around the corner

 

Andrew Presti, Senior Partner It's not too early to get ready for year-end tax planning. In fact, many strategies take time to set up in order to gain maximum benefit. Here are some preliminary considerations that may help you to prepare.

Gather your data. One major reason for planning towards year's end is that you usually now have a clearer picture of what your total income and deductions will look like for the entire year. From those estimates, you may want to do some planning to accelerate or defer income and/or deductions in a way that can lower your overall tax bill for this year and next. To do that effectively, however, you need to take inventory of your year-to-date income and deductions, as well as take a look ahead at likely events through December 31, 2016, that may impact on that tally. Since you'll need to eventually gather this data for next year's tax return, you can double-down on the benefits of doing so now. ... Read More




A first look at 2017 inflation-adjusted tax amounts now available

 

Salvatore Russo, Partner An early glimpse at the income tax picture for 2017 is now available. The new information includes estimated ranges for each 2017 tax bracket as well as projections for a growing number of inflation-sensitive tax figures, such as the tax rate brackets, personal exemption and the standard deduction. Projections - made available by Wolters Kluwer Tax & Accounting US - are based on the relevant inflation data recently released by the U.S. Department of Labor. The IRS is expected to release the official figures by early November. Here are a few of the more widely-applicable projected amounts:

Tax Brackets

For 2017, for married taxpayers filing jointly and surviving spouses, the maximum taxable income for ... Read More




    



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