Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). An example of this is the medical expense deduction. Because it can be difficult to exceed the floor, a common strategy is […] The post “Bunching” Medical Expenses Will Be a Tax-Smart Strategy for Many ...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • Projecting your business income and expenses for this year and the next allows you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. If tax reform legislation is signed into law this might end up being especially true this year. Timing strategies for businesses […] The post Timing Strategies Could Become More Powerful in 201...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. If you’ve cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those investments before the end of the year to offset your gains. This […] The post Investors: Beware of the wash sale rule appeared first on Fort W...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • An important step to reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and the end of the year. […] The post Why You Should Boost Your 401(k) Contributi...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • Travel per diem rates have been updated and will go into effect on October 1st. To simplify record keeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home. Per diem advantages As long as employees properly account for their business-travel expenses, reimbursements are generally tax-free […] The post Should Your Business Us...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. An option that can be especially beneficial, if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan. Tax-deferred compounding 529 plans are typically state-sponsored, and the […] The post Save More for College Through the Tax A...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • When you acquire a company, your to-do list is long. This means you can’t devote all of your time to the deal’s potential tax implications. However, neglecting tax issues during the negotiation process, could lead to serious negative consequences. To improve the odds of a successful acquisition, it’s important to devote resources to tax planning […] The post Tax Planning Critical When Buying a Bus...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • Charitable giving lets you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. If you’ve held the property for more than one year, you will generally be able to […] The post Watch Out for Potential Tax Pitfalls of Donating Real Estate...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • When it’s time to go back to school, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers. It’s common for teachers to pay for some classroom supplies out […] The post The ABCs of the Tax Deduction for Educator Expenses appeared first on Fort Wor...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions to the rule. One is if the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code. A recent U.S. Tax Court ruling could ultimately mean more employer-provided meals will be 100% deductible under […] The post Larger Deduction Might Be Available to Businesses...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it? […] The post Yes, You Can Undo a Roth IRA Conversion appeared first on Fort Wor...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • Among the taxes being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers of wealth at death, hence why it’s commonly referred to as the “death tax.” Its sibling, the gift tax (also being considered for repeal) applies to transfers during life. Yet most taxpayers won’t […] The post How to Determine If You Need to Worry About Estate Taxes appeare...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • It’s a good bet your state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many businesses use reverse audits to find overpayments so they can seek […] The post Put Your Audit in Reverse to Save Sales and Use Tax appeared first on Fort Worth CPA Adam Traywick...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back in December of 2015, Congress passed the PATH Act, which made […] The post Will Congress Revive Expired Tax Breaks? appeared first on Fort Worth CPA Ad...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know these structures offer liability protection and flexibility as well as tax advantages. But did you know they once also had a significant tax disadvantage: The IRS used to treat all LLC and LLP owners as limited partners for […] The post Material Participation Key to Deducting LLC and LLP Losses...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly […] The post A Refresher on the ACA’s Tax Penalty on Individuals Without Heal...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • Unemployment tax rates for employers vary from state to state. Your unemployment tax bill may be influenced by several factors. These could include the number of former employees who’ve filed unemployment claims with the state, your current number of employees, and your business’s age. Typically, the more claims made against a business, the higher the […] The post 6 Ways to Control Your Unemployme...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • In the quest to reduce your tax bill, year-end planning can only go so far because tax-saving strategies take time to implement. Here are three strategies that can be more effective if you begin executing them midyear: 1. Consider your bracket The top income tax rate is 39.6% for taxpayers with taxable income over $418,400 […] The post 3 midyear tax planning strategies for individuals appeared fir...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement. With this type of plan the business and its existing owner(s) can benefit from some potential tax breaks, an extra-motivated workforce, and potentially a smoother path for succession planning. How ESOPs work To implement an […] The post ESOPs Offer Busin...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • Tax reform has been a major topic of discussion in Washington, but it’s still not clear exactly what this legislation will include and if it will be signed into law this year. However, the last major tax legislation that was signed into law (back in December of 2015) still has a significant impact on tax […] The post 3 Midyear Tax Planning Strategies for Business appeared first on Fort Worth CPA A...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • If you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: If you rent it out for less than 15 days: You don’t have to report the income. But expenses associated with the rental (such as advertising and cleaning) won’t be deductible. […] The post Own a Vacation Home? Adjusting Rental vs. Personal Use Might Save Taxes appeared fi...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • Your compensation may take several forms, including salary, fringe benefits and bonuses. If you work for a corporation, you might also receive stock-based compensation, such as stock options. These come in two varieties: nonqualified (NQSOs) and incentive (ISOs). With both NQSOs and ISOs, if the stock appreciates beyond your exercise price, you can buy shares […] The post Nonqualified Stock Option...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • It’s common for a business to own not only typical business assets, such as equipment, inventory and furnishings, but also the building where the business operates — and possibly other real estate as well. However, there can be negative consequences when a business’s real estate is included in its general corporate assets. Owners can save […] The post Keep Real Estate Separate From Your Business’s...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services.” But the tax treatment of a fringe benefit varies based on the type of benefit. Generally, the IRS takes one of four […] The post All Fringe Benefits Aren’t Created Equal for Tax Purposes app...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • You may want to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you could avoid an unpleasant tax surprise when you file next year. Summer is also a good time to set up a storage system for your tax […] The post Summer Is a Good Time to Start Your 2017 Tax Planning and Organize Your Tax Records appeared first o...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid moving in bad weather, or simply because it can be an easier time to sell your home. Unfortunately, moving can be expensive. The good news is you might be eligible for a federal tax deduction […] The post Claiming a Federal Tax Deduction for Moving Costs appeared first on Fort Worth CP...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • Donating to charity is more than good business citizenship; it can also save tax dollars. Here are three lesser-known federal income tax breaks for charitable donations made by businesses. 1. Food donations Charitable write-offs for donated food (such as by restaurants and grocery stores) are normally limited to the lower of the taxpayer’s basis in […] The post 3 Breaks for Business Charitable Don...

Adam Traywick, LLC - Certified Public Accountant
Adam Traywick, LLC - Certified Public Accountant
Blog Post
  • The tax consequences of selling an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as how much you paid for the investment vs. how much you’re selling it for, whether you held the investment long-term (more than one year) and the tax […] The post Pay Attention to the Details When Selling Investments appeared first on Fort Wor...

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