Our Blog

7 last-minute tax-saving tips

M Lakin Client Relations Manager

December 13, 2017

The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31:

  1. Pay your 2017 property tax bill that’s due in early 2018.
  2. Make your January 1 mortgage payment.
  3. Incur deductible medical expenses (if your deductible medical expenses for the...

Read More...

Getting around the $25 deduction limit for business gifts

M Lakin Client Relations Manager

December 6, 2017

At this time of year, it’s common for businesses to make thank-you gifts to customers, clients, employees and other business entities and associates. Unfortunately, the tax rules limit the deduction for business gifts to $25 per person per year, a limitation that has remained the same since it was added into law back in 1962. Fifty-five years later, the $25 limit is unrealistically...

Read More...

You may need to add RMDs to your year-end to-do list

M Lakin Client Relations Manager

November 29, 2017

As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans. For taxpayers “of a certain age” with a tax-advantaged retirement account, as well as younger taxpayers who’ve inherited such an account, there may be one more thing that’s critical to...

Read More...

Reduce your 2017 tax bill by buying business assets

M Lakin Client Relations Manager

November 22, 2017

Two valuable depreciation-related tax breaks can potentially reduce your 2017 taxes if you acquire and place in service qualifying assets by the end of the tax year. Tax reform could enhance these breaks, so you’ll want to keep an eye on legislative developments as you plan your asset purchases.

Section 179 expensing

Sec. 179 expensing allows businesses...

Read More...

Could the AMT boost your 2017 tax bill?

M Lakin Client Relations Manager

November 17, 2017

A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer (and in some cases permanently reduce) your taxes. But there are exceptions. One is if the additional deductions this year trigger the alternative minimum tax (AMT).

Complicating matters for 2017 is the fact that tax legislation might be signed into law between now...

Read More...

2017 might be your last chance to hire veterans and claim a tax credit

M Lakin Client Relations Manager

November 9, 2017

With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them.

One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do just that, but it may not be available for hires made after this year.

As released by the...

Read More...

Retirement savings opportunity for the self-employed

M Lakin Client Relations Manager

November 1, 2017

Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There’s still time to set up such a plan for 2017, and it generally isn’t hard to do. So whether you’re a “full-time” independent contractor or you’re...

Read More...

Which tax-advantaged health account should be part of your benefits package?

M Lakin Client Relations Manager

October 27, 2017

On October 12, an executive order was signed that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs are just one type of tax-advantaged account you can provide your employees to help fund their health care expenses. Also available are Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). Which one should you include in your benefits package?...

Read More...

2 ACA taxes that may apply to your exec comp

M Lakin Client Relations Manager

October 25, 2017

If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or nonqualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,” however, is generally more complicated than for salaries, bonuses and traditional employee...

Read More...

Accelerate your retirement savings with a cash balance plan

M Lakin Client Relations Manager

October 18, 2017

Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts. One solution may be a cash balance plan.

Defined benefit plan with a...

Read More...

Don’t ignore the Oct. 16 extended filing deadline just because you can’t pay your tax bill

M Lakin Client Relations Manager

October 11, 2017

The extended deadline for filing 2016 individual federal income tax returns is October 16. If you extended your return and know you owe tax but can’t pay the bill, you may be wondering what to do next.

File by October 16

First and foremost, file your return by October 16. Filing by the extended deadline will allow you to avoid the 5%-per-month...

Read More...

2017 Q4 tax calendar: Key deadlines for businesses and other employers

M Lakin Client Relations Manager

October 4, 2017

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth 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.

October...

Read More...

Client Center

- Individual Clients
- Business Clients
- Client Employee
- Accounting CS/CBS

(QuickBooks Online)

Join a scheduled video meeting with our staff.

Using Your Client Organizer
How to Review My 1040
Using File Exchange


What if I can't pay my tax due?

Phone: 231.946.8930 • Fax: 231.946.1377
Email: info@harrisgroupcpa.com