Adam Traywick, LLC - Certified Public Accountant

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 6 days ago

New blog articles detected.

  • Real Estate Investor vs. Professional: Why It Matters

    Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward. Of […] The post Real Estate Investor vs. Professional: ...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 1 week ago

New blog articles detected.

  • Want to Help Your Child (or Grandchild) Buy a Home? Don’t Wait!

    Mortgage interest rates are still at low levels, but are likely to increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that will help: 0% capital gains rate. If the […] The post Want to Help Your Child (or Grandchild) Buy a Home? Don’t Wait! appeared first on ...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 1 week ago

New blog articles detected.

  • Operating Across State Lines Presents Tax Risks — or Possibly Rewards

    With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, all sorts of companies are finding it easier than ever to widen their markets. Doing so has become so much more feasible that many businesses quickly find themselves crossing state lines. But there lies a risk in doing […] The post Operating Across State Lines Presents Tax Risks — or Possibly Re...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 2 weeks ago

New blog articles detected.

  • Choosing Between a Calendar Tax Year and a Fiscal Tax Year

    Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal tax year can make more sense. What’s a fiscal tax year? A fiscal tax year consists […] The post Choosing Between a Calendar Tax Year and a Fiscal Tax Year appeared...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 2 weeks ago

New blog articles detected.

  • Now’s a Great Time to Purge Old Tax Records

    Whether you filed your 2016 tax return by the April 18 deadline or you filed for an extension, you may be overwhelmed by the amount of documentation involved. While you need to hold on to all of your 2016 tax records for now, it’s a great time to take a look at your records for […] The post Now’s a Great Time to Purge Old Tax Records appeared first on Fort Worth CPA Adam Traywick.

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 3 weeks ago

New blog articles detected.

  • Do You Know the Tax Implications of Your C Corp.’s Buy-Sell Agreement?

    Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are important to understand. Buy-sell basics A buy-sell agreement sets up the parameters for transferring ownership […] The post Do You Know the...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 3 weeks ago

New blog articles detected.

  • Individual Tax Calendar: Key Deadlines for the Remainder of 2017

    While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are other deadlines throughout the rest of the year that are important to be aware of. To help you make sure you don’t miss any important 2017 deadlines, here’s a look at when some key tax-related forms, […] The post Individual Tax Calendar: Key Deadlines for the Remainder of 2017 appeared first...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected.

  • Bartering May Be Cash-Free, But It’s Not Tax-Free

    Bartering might seem like something that happened only in ancient times, but the it’s still common today. The general definition of bartering remains the same: the exchange of goods and services without the exchange of money. Because no cash changes hands in a typical barter transaction, it’s easy to forget about taxes. But, as one […] The post Bartering May Be Cash-Free, But It’s Not Tax-Free app...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected.

  • What Are the Most Tax-Advantaged Ways to Reimburse Employees’ Education Expenses?

    Reimbursing employees for education expenses can strengthen the capabilities of your staff as well as help you retain them. Additionally, you and your employees may be able to save valuable tax dollars. But you have to follow IRS rules. Here are a couple of options for maximizing tax savings. A fringe benefit Qualifying reimbursements and […] The post What Are the Most Tax-Advantaged Ways to Reimb...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected.

  • A Refresher On Tax-Related ACA Provisions Affecting Businesses

    Now that the bill to repeal and replace the Affordable Care Act (ACA) has been withdrawn and it’s uncertain whether there will be any other health care reform legislation this year, now is a good time to review some of the tax-related ACA provisions affecting businesses: Small employer tax credit. Qualifying small employers can claim […] The post A Refresher On Tax-Related ACA Provisions Affecting...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected.

  • Saving Tax With Home-Related Deductions and Exclusions

    Currently, home ownership comes with several tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT). Mortgage interest deduction. You generally can deduct interest on up to a […] The post Saving Tax...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected.

  • Victims of a Disaster, Fire or Theft May be Able to Claim a Casualty Loss Deduction

    If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2016 federal income tax return. A casualty is defined as a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft, or vandalism. A […] The post Victims of a Disaster, Fire or Theft May be Able to ...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected.

  • Who Can — and Who Should — Take the American Opportunity Credit?

    If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. However, if your income is too high you won’t qualify for the credit — but your child might. There’s one potential downside: If your dependent child claims the credit, you must forgo […] The post Who Can — and Who Should — Take the American Opportunity Credit? appeared first...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 2 months ago

New blog articles detected.

  • Make Sure the IRS Won’t Consider Your Business To Be a “Hobby”

    If you run a business “on the side” and derive most of your income from another source (another business you own, employment or investments), you may face a peculiar risk: Under certain circumstances, this on-the-side business might not be a business in the eyes of the IRS. It may be considered a hobby. The hobby […] The post Make Sure the IRS Won’t Consider Your Business To Be a “Hobby” appeared ...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 2 months ago

New blog articles detected.

  • The Section 1031 Exchange: Why It’s Such a Great Tax Planning Tool

    If you’re like many business owners, you might also own highly appreciated business or investment real estate. Fortunately, there’s an effective tax planning strategy at your disposal: the Section 1031 “like kind” exchange. It can help you defer capital gains tax on appreciated property indefinitely. How it works Section 1031 of the Internal Revenue Code […] The post The Section 1031 Exchange: Why...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 2 months ago

New blog articles detected.

  • 2016 IRA Contributions — It’s Not Too Late!

    There’s still time for you to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is probably a good idea. Benefits beyond a deduction Tax-advantaged retirement plans like […] The post 2016 IRA Contributions — It’s Not Too Late! appeared firs...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 2 months ago

New blog articles detected.

  • When an Elderly Parent Might Qualify as Your Dependent

    It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic qualifications In order for you to qualify for the adult-dependent exemption, […] The post When an Elderly Parent Might Qualify ...

  • Filing Deadline Rapidly Approaching for Flow-Through Entities

    The federal income tax filing deadline for calendar-year partnerships, C and S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes is March 15. Note: While this deadline is nothing new for S corporation returns, it’s earlier than previous years for partnership returns. In addition to providing continued funding […] The post Filing Deadline...

  • When It Comes to Charitable Deductions, All Donations Aren’t Created Equal

    As you file your 2016 income tax return and plan your charitable giving for 2017, it’s important to keep in mind the available deduction. It can vary significantly depending on a variety of factors. What you give Other than the actual amount you donate, one of the biggest factors that could affect your deduction is […] The post When It Comes to Charitable Deductions, All Donations Aren’t Created E...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 2 months ago

New blog articles detected.

  • Tangible Property Safe Harbors Help Maximize Deductions

    If your business made repairs to tangible property last year, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. However, you must make sure they were truly “repairs,” and not actually “improvements.” Why? Costs incurred to improve tangible property must be depreciated over […] The post Tangible Property Safe Harbors He...

  • Can the WOTC Save Tax for Your Business?

    Employers that hire individuals who are members of a “target group” may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2016 and obtained proper certification, you can claim the WOTC on your 2016 tax return. Whether or not you’re eligible for 2016, keep the WOTC in mind in […] The post Can the WOTC Save Tax for Your Business? appeared first on Fort Worth CPA...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 3 months ago

New blog articles detected.

  • Deduct All of the Mileage You’re Entitled to — But Not More

    Employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business rather than keeping track of the actual cost of operating a vehicle. But you might also be able to deduct miles driven for other purposes, including medical, moving and charitable purposes. What are the […] The post Deduct All of the Mileage You’re Entitled to — ...

  • Do You Need to File a 2016 Gift Tax Return by April 18?

    As part of your estate planning strategy, you may have made significant gifts to your children, grandchildren or other heirs last year. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making a gift, it’s important to know under what circumstances you’re required to file […] The post Do You Need to File a 2016 Gift Tax Return by Apr...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 3 months ago

New blog articles detected.

  • SEPs: A Powerful Retroactive Tax Planning Tool

    Simplified Employee Pensions (SEPs) are sometimes regarded as the “no-brainer” first choice for high-income small-business owners who don’t currently have tax-advantaged retirement plans set up for themselves. Why? A SEP is easy to establish, unlike other types of retirement plans, and a powerful retroactive tax planning tool: The deadline for setting up a SEP is […] The post SEPs: A Powerful Retr...

  • What You Need to Know About the Tax Treatment of ISOs

    Incentive stock options (ISOs) allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex tax rules apply to this […] The post What You Need to Know About the Tax Treatment of ISOs appeared first on Fort Worth CPA...

  • Take Small-Business Tax Credits Where Credits Are Due

    Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two available credits are especially for small businesses that provide certain employee benefits. And one of them might not be available after 2017. 1. Small-business health care credit The Affordable Care Act (ACA) offers a credit to certain small employers that provide employees with health […] The post Take S...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 3 months ago

New blog articles detected.

  • The “Manufacturers’ Deduction” Isn’t Just for Manufacturers

    The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies. Sec. 199 deduction 101 The Sec. 199 deduction, also called the “domestic production activities deduction,” is 9% […] The post The “Manufact...

  • 2016 Higher-Education Breaks Can Save Your Family Taxes

    Did you have a college student in your family last year? Were you a student yourself? If so, you may be eligible for some valuable tax breaks on your 2016 return. To max out your higher education breaks, you need to see which ones you’re eligible for and then claim the one(s) that provide the […] The post 2016 Higher-Education Breaks Can Save Your Family Taxes appeared first on Fort Worth CPA Adam...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 3 months ago

New blog articles detected.

  • The Investment Interest Expense Deduction: Less Beneficial Than You Might Think

    Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — is generally deductible for both regular tax and alternative minimum tax (AMT) purposes. But special rules apply that can make this itemized deduction less beneficial than you might think. Limits on the deduction […] The post The Investment Interest Expense Deduction: Less Be...

  • Why 2016 May Be an Especially Good Year to Take Bonus Depreciation

    Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The PATH Act, signed into law a little over a year ago, extended 50% bonus depreciation through 2017. Claiming this break is generally beneficial, though in some cases a business could save more tax […] The post Why 2016 May Be an Espec...

  • Deduction for State and Local Sales Tax Benefits Some, but Not All, Taxpayers

    The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “permanent” a little over a year ago. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as […] The post Deduction for State and Local Sales Tax Benefits Some, but Not All, Taxpayers appeared fi...

  • Can You Defer Taxes On Advance Payments?

    Many businesses receive payment in advance for goods and services. Examples include magazine subscriptions, long-term supply contracts, organization memberships, computer software licenses, and gift cards. Generally, advance payments are included in taxable income in the year they’re received, even if you defer a portion of the income for financial reporting purposes. But there are exceptions […] ...

  • Help Prevent Tax Identity Theft by Filing Early

    If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 18 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 16. But there’s another date you should keep in mind: […] The post Help Prevent Tax Identity Theft by Filing Early appeared first on Fort Worth CPA Adam Tray...

  • New HRA Offers Small Employers an Attractive, Tax-Advantaged Health Care Option

    In December, Congress passed the 21st Century Cures Act. This long and complex bill covers a broad range of health care topics. Of particular interest to some businesses should be the Health Reimbursement Arrangement (HRA) provision. With this provision, qualified small employers can now use HRAs to reimburse employees who purchase individual insurance coverage, rather […] The post New HRA Offers ...

  • 2017 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

    Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January […] The post 2017 Q1 Tax Calendar: Key Deadlines for B...

  • How Entity Type Affects Tax Planning for Owner-Employees

    Come tax time, owner-employees face a variety of tax planning challenges, depending on whether their business is structured as a partnership, limited liability company (LLC) or corporation. When you’re thinking about your 2016 filing or planning for 2017, it’s important to be aware of the challenges that apply to your particular situation. Partnerships and LLCs […] The post How Entity Type Affects...

  • Few Changes to Retirement Plan Contribution Limits for 2017

    Retirement plan contribution limits are indexed for inflation, but with inflation remaining low most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to defined contribution plans, which has gone up by $1,000. Type of limit 2017 limit Elective deferrals to 401(k), 403(b), 457(b)(2) […] The post Few Changes to Retirement Plan Contri...

  • Want to Save for Education? Make 2016 ESA Contributions by December 31

    There are many ways to save for your child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the opportunity will be lost forever. We’re talking about Coverdell Education Savings Accounts (ESAs). How ESAs work With an ESA, you contribute money now that the […] The post Want to Save for Education? Make 2016 ESA Contributio...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 7 months ago

New blog articles detected.

  • Documentation Is The Key To Business Expense Deductions

    If your records are incomplete or missing and you get audited by the IRS, your business will likely lose out on valuable deductions. These two recent U.S. Tax Court cases that help illustrate the rules for documenting deductions. Case 1: Insufficient records In the first case, the court found a taxpayer with a consulting business […] The post Documentation Is The Key To Business Expense Deductions...

  • Tax Impact of Investor vs. Trader Status

    If you invest, whether you’re considered as an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified as investors for tax purposes. This means any net gains are treated as capital gains rather than ordinary income. That’s good […] The post Tax Impact of Investor vs. Trader Status appeared first on Fort...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 8 months ago

New blog articles detected.

  • Looking For a Retirement Plan For Your Business? Here’s One SIMPLE Option

    Has your small business procrastinated in setting up a retirement plan? You might want to take a look at a SIMPLE IRA. SIMPLE stands for “savings incentive match plan for employees.” If you decide a SIMPLE IRA is right for your company, you must establish it by no later than October 1 of the year […] The post Looking For a Retirement Plan For Your Business? Here’s One SIMPLE Option appeared first ...

  • Are Frequent Flyer Miles Ever Taxable?

    If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume that there are no tax implications involved. You’re probably right, but there’s a chance your miles could be taxable. Usually tax free As a general rule, miles […] The post Are Frequent Flyer Miles Ever Taxable? appeared first on Fort Worth CPA A...

Adam Traywick, LLC - Certified Public Accountant

Category: Content
Type: Blog Article

Generated 8 months ago

New blog articles detected.

  • The Irs Can Reclassify S Corporation Distributions As Wages

    If you run your business as an S corporation, you’re probably both a shareholder and an employee. As such, the corporation pays you a salary that reflects the work you do for the business. This means you (and your company) must remit payroll tax on some or all of your wages. By distributing profits in […] The post The Irs Can Reclassify S Corporation Distributions As Wages appeared first on Fort W...

  • Now’s The Time To Start Thinking About “Bunching” Miscellaneous Itemized Deductions

    Many of the expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this “floor.” So now is a good time to add up your potential deductions to […] The post Now’s The Time To Start Thinking About “Bunching” Miscellaneous Itemi...

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