State and local sales tax deductions – who benefits?
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.
News & Tech Tips
IRS changes W-2 & 1099 filing deadlines
New for the 2017 filing season, the employer deadline for Forms W-2 and 1099-MISC to be submitted to the IRS has changed. The new filing deadline is now the same as the due date for employers to issue these forms to recipients, January 31.
2017 Q1 Tax Calendar: Key Deadlines
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.
Saving for education? Make ESA contributions before December 31.
There are many ways to save for a 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).
Why making annual exclusion gifts before year end can still be a good idea
A tried-and-true estate planning strategy is to make tax-free gifts to loved ones during life, because it reduces potential estate tax at death.