Archive for the ‘Blog’ Category

New Income Tax Rates and Brackets

05/01/18 10:08 am | Comments (0) | Posted By:

On December 20, the House approved H.R. 1, the Tax Cuts and Jobs Act, a sweeping tax reform measure. While much still needs to be determined for tax planning opportunities, we can look at the new income tax rates and how they compare to the pre-Act law.  

                               2017                                                    ...

A Non-Partisan Comparison of Presidential Candidate Tax Plans

29/09/16 10:56 am | Comments (0) | Posted By:

Just over a month away is the election for the 45th President of the United States. No matter which side of the aisle you find yourself on, there is no doubt that each candidate has proposed some substantial tax legislation changes. Here is a comparison of the candidates tax plans:

Hillary Clinton's Plan:  

• “Fair Share Surcharge” – A propose...

Tax Planning Tips for the Dog Days of Summer

11/08/16 12:22 pm | Comments (0) | Posted By:

As we approach the last month of summer, many of us are still trying to gather documents to finalize the 2015 tax returns due in the next few months. But these are the prime months to begin the planning procedures to reduce your taxes in 2016. With the passing of the PATH Act of 2015 last year, the looming issues of expiring tax deductions have ...

Crowd-Funding Tax Implications

20/02/16 12:59 pm | Comments (0) | Posted By:

Fundraising has gone digital. Millions of individuals are now utilizing social media sites such as kickstarter.com and gofundme.com to attract contributors or donations to support their cause. Few, though, are thinking about the income tax ramifications that are created by the crowdfunding environment. Congress and the IRS have not yet ad...

IRS Increases the “De Minimis Safe-Harbor Election” to $2,500 per Invoice

14/01/16 4:03 pm | Comments (0) | Posted By:

Two years ago the Treasury Department implemented new Tangible Property Regulations through the passing of TD 9636. The new regulations contained a “Safe Harbor” election to expense any piece of tangible property purchased under $500. Many felt this was too low and increased the administrative burden on small businesses along with the IRS. Af...

Medicare Increase – Are you a 30 percenter?

11/12/15 4:25 pm | Comments (0) | Posted By:

Fixed income recipients may see substantial changes to their “net” take home of Social Security benefits in 2016. Social Security benefits are not likely to see a cost-of-living adjustment (COLA) for 2016 due to stagnant inflation during the year, but Medicare Part B premiums are scheduled to increase around 16%. If you have already been rece...

Did you buy a new home this summer? – Basis tracking and accounting can save you thousands in the future.

02/09/15 11:17 am | Comments (0) | Posted By:

  The housing market is beginning to turn around in Nevada over the last couple years. Data provided by Trulia.com indicates that twice as many home sales occurred in 2015 when compared to the bottom of the market in 2009. Many home owners who either lost, or liquidated, their homes over the past several years are finally in a stable financia...

My First Go at the RTO

04/06/15 11:29 am | Comments (0) | Posted By:

The Reno Tahoe Odyssey, or “RTO” as it has become to be known around the area, is a relay race that begins in the heart of downtown Reno, traverses the hills up through Verdi and Truckee, to the West Shore of Tahoe, back down through Genoa and Carson City, continues up to Virginia City and culminates back in Reno at Idlewild Park. It consists ma...

No time to rest on your laurels…

23/04/15 11:31 am | Comments (0) | Posted By:

  Many people think that tax season is over until next year, but in reality taxes and accounting need to be year long processes and continually addressed throughout. Having your accounting processes and procedures in place during the summer months and into next year helps reduce the stress and expense of trying to accomplish everything...

A Series LLC. It could be just what you are looking for.

05/02/15 10:49 am | Comments (0) | Posted By:

  What is a Series LLC? A Series LLC was first introduced to assist the mutual fund industry avoid filing multiple SEC filings for different classes of funds. The idea was to use one entity for all funds filing under one “umbrella”, but permit the funds individual activity to be conducted separately. Only a few states allow the creation of...

The Affordable Care Act – The Individual Mandate in Effect

13/11/14 11:19 am | Comments (0) | Posted By:

  Whether you were for or against health care reform, there is no denying that the recently implemented Affordable Care Act (ACA or “Obamacare”) is something that will affect you during the coming tax season. Even if you have been insured during the entire year, the IRS will require that you provide proof of insurance during your tax prepa...