With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher.
Timing income and expenses can be a little more challenging for accrual-basis taxpayers than for cash-basis ones. But being an accrual-basis taxpayer also offers valuable year-end tax planning opportunities when it comes to deductions. Read More
If you discover that you forgot something on your tax return, you can amend that return after it has been filed. The need to amend can be because of:
• Receiving an unexpected or amended K-1 from a trust, estate, partnership, or S-corporation.
• Overlooking an item of income or receiving a corrected 1099.
• Failing to claim the correct advanced premium credit because of an incorrect 1095-A.
• Forgetting about a deducible expense.
• Forgetting about an expense that would qualify for a tax credit.
These are among the many reasons individuals need to amend their returns, whether it is Read More