Vernoia, Enterline + Brewer, CPA LLC

Archive for March, 2017

Still Time to Contribute to an IRA for 2016

The IRS reminds taxpayers that they still have time to contribute to an IRA for 2016 and, in many cases, qualify for a deduction or even a tax credit. Available since the mid 70s, individual retirement arrangements (IRAs) enable employees and the self-employed to save for retirement. Contributions to traditional IRAs are often deductible, but distributions, usually after age 59½, are generally taxable.

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Debt Cancellation May be Taxable

If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. (more…)

Tax Tips on Unemployment Benefits

Taxpayers who received unemployment benefits need to remember that it may be taxable. Here are some key facts about unemployment. (more…)

Medical and Dental Expenses May Impact Your Taxes

Medical expenses may trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are some tips to help you know what qualifies as dental and medical expenses.

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Understanding the Child and Dependent Care Tax Credit

Don’t overlook the Child and Dependent Care Tax Credit. Eligible taxpayers may be able claim it if they paid for someone to care for a child, dependent or spouse last year.

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Four Tips for Donating Artwork to Charity

Individuals may want to donate artwork so it can be enjoyed by a wider audience or available for scholarly study or simply to make room for new artwork in their home. Here are four tips for donating artwork with an eye toward tax savings. (more…)

Got Nexus – Find Out Before Operating In Multiple States

For many years, business owners had to ask themselves one question when it came to facing taxation in another state: Do we have “nexus”? This term indicates a business presence in a given state that’s substantial enough to trigger the state’s tax rules and obligations.

NEXUS

Well, the question still stands. And if you’re considering operating your business in multiple states, or are already doing so, it’s worth reviewing the concept of nexus and its tax impact on your company. (more…)