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Archive for Tax 2016

Last Minute Tips For Filing Tax Returns

Are you one of the millions of Americans who hasn’t filed (or even started) your taxes yet? With the April 18 tax filing deadline quickly approaching, here is some last minute tax advice for you.

1. Stop Procrastinating. Resist the temptation to put off your taxes until the very last minute. It takes time to prepare accurate returns and additional information may be needed from you to complete your tax return.

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Drive Your Taxes Down: Purchasing A New Car Offers Tax Benefits

Barry Fowler

If you’re in the market for a new car or you’ve purchased one this year, you might also be in for some great tax benefits. That is, if you purchase a plug-in electric vehicle or low-speed or two-or three-wheeled vehicles.

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AICPA Real Estate & Construction Conference – Construction Tax Planning Panel Discussion

Peter Scalise

2017 AICPA Real Estate & Construction Conference

Save The Date: December 7th – December 9th, Las Vegas, NV

Join Peter J. Scalise, the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, at the upcoming AICPA Real Estate & Construction Conference at the Wynn in Las Vegas, NV on Wednesday, December 7th between 4:00PM and 6:00PM for the Construction Tax Planning Panel Discussion.

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2016 Year End Tax Planning: What To Expect?

Manasa Nadig

When that first leaf changes color, there’s a nip in the air, and the sunshine starts to fall into corners it did not before, you know the year is coming to an end. Typically that is when I start getting phone calls for year-end tax planning.

This year has been tumultuous, to say the least, as we recover from all the pre- and post-election trauma or elation depending on which candidate you favored. We need to put our tax plans in place based on what we know about likely tax changes for 2017 and 2018.

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Checklist For Tax Practitioners – Look At The IRS Sharing Economy Tax Center

Annette Nellen

In September, the IRS created a Sharing Economy Tax Center with links to tax information to help freelancers and those renting property. This center offers general information primarily to help individuals understand related tax matters. But it’s not enough for practitioners, as it doesn’t cover all possible tax issues (such as state and local ones) or provide links to relevant law provisions.

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Tax Saving Tips For 2016

Harold Goedde

Your 2016 taxes may increase because the amount allowed for exemptions is reduced as AGI increases above certain amounts, depending on filing status. You may also have to pay an additional Medicare tax of .9% on wages and an additional 3.8% tax on net investment income (investment income less related expenses) for taxpayers with MAGI (adjusted gross income plus non taxable foreign income). The threshold amount depends on your filing status. If you expect your income to be in these ranges, increase your withholding or 4th quarter estimated tax payment—due by January 15—to avoid the underpayment penalty.

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Focus On Idaho And Their Tax Climate

Monika Miles

This month, we travel west to Idaho, the 14th largest state in the U.S. Known for its mountainous landscapes, vast swaths of protected wilderness and outdoor recreation areas, Idaho is bigger than all of the New England states combined. Boise, the capital and largest city, is set in the Rocky Mountain Foothills and is bisected by the Boise River, a popular destination for rafting and fishing.

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California To Vote On Going Green

November 2016 will see an initiative on California’s ballot about the legalization of marijuana for recreational use. In 2010, it was put to ballot as Prop 19, but failed 53.5%/46.5%. Will 6 years create a big enough difference to swing majority?

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Forms Required By #Americansabroad 101 – The Explanation

John Richardson BNN

The following is a response to comments made about an article written by Rachel Heller on titled, “Why I renounced my US citizenship (Hint: it’s not because I’m avoiding taxes!).” The article was well written, interesting and attracted responses from Homeland Americans. (It was reproduced here and attracted even more comments.) The comments from U.S. residents demonstrated again that they do NOT understand the problems experienced by Americans abroad.

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Virtual Currency Tax Issues

Annette Nellen

In spring 2014, the IRS issued Notice 2014-21, initial guidance on the tax treatment of virtual currency such as Bitcoin, from mining to its general use. The IRS explained convertible virtual currency is to be treated as property.

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Cleveland Cavaliers Game 7 Loss—Jock Tax

The Cleveland Cavaliers pulled off the impossible: coming back from 3-1 series deficit in the NBA Finals, playing two games on the road, and ultimately winning the championship. It would seem far-fetched to say that they took a massive loss on Sunday night. But that was partly the case as they ran into an exorbitant “duty days” tax, commonly known as the Jock Tax.

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