July 12, 2017
Howe, Riley & Howe is pleased to announce the promotion of Jason Gagnon, CPA, to Manager. Gagnon joined the firm in 2011 and specializes in audit and accounting, tax and financial accounting. “It’s an honor for us to promote individuals who have a strong passion for accounting and a dedication to providing exceptional service to […]
July 12, 2017
If you or a loved one plan to get married this summer, there are some important financial issues the happy couple should consider. Should you file jointly or separately in 2017? Will you be hit with the marriage penalty — or be lucky enough to qualify for the marriage bonus? Here’s guidance to help answer these questions, along with a tax tip for newlywed property owners who need to combine their households.
July 6, 2017
Many individuals are surprised to discover that legal expenses usually aren’t currently deductible under the federal income tax rules. Here are some exceptions to this general rule, including two recent real-life examples that highlight when legal expenses may, at least partially, be deductible.
June 19, 2017
Donors of large gifts often put restrictions on their donations. For example, a contribution may be for a specific purpose such as supporting scholarships or financing an endowment. However, such gifts are subject to extensive IRS regulations. This article looks at various types of restrictions and how they can affect a donor’s ability to take a tax deduction.
June 7, 2017
The completed contract accounting method scored a major win when the U.S. Ninth Circuit Court of Appeals ruled that a contracting group could defer taxes until an entire housing development was finished — rather than paying tax on the sales of individual homes. This article delves into the issue and examines the legal arguments used by the company. We’ll also explain how the IRS responded.
May 23, 2017
1. Couple couldn’t treat money they took out of their corporation as nontaxable.
2. The IRS issues 2018 inflation-adjusted HSA figures.
3. Court: Education expenses weren’t deductible.
4. Research tax credit opportunity for start-ups.
5. The proposed border adjustment tax faces daunting challenges.
May 15, 2017
Do you and your spouse own an unincorporated business that’s treated as a partnership for tax purposes? If so — and it’s profitable — you may be paying more in self-employment (SE) tax than is necessary. Here are three ways that spouse-owned businesses may be able to lower their SE tax hit.