Finance & Accounting

Tax Bites: Grandchild in college this fall? Paying tuition could save gift and estate taxes

Now’s the time of year when many young adults are about to head back to college — or to enter their first year of higher education. If you have a grandchild who’ll be in college this fall and you’re concerned about gift … Continue reading

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Tax Bites: “Bunch” miscellaneous itemized deductions to reduce your tax bill

Many expenses that may qualify as miscellaneous itemized deductions are deductible for regular tax purposes only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed … Continue reading

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Accelerated Depreciation Extension Uncertainty Continues Amid Bonus Depreciation “Flip-Flop”

2014′s biggest tax uncertainty? Extension of enhanced accelerated depreciation benefits, such as Section 179 expensing and bonus depreciation. Section 179 expensing allows businesses and individuals to deduct 100% of the cost of equipment and other capitalized assets in the year purchased, while … Continue reading

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Tax Bites: Installment sales offer both pluses and minuses

A taxable sale of a business might be structured as an installment sale if the buyer lacks sufficient cash or pays a contingent amount based on the business’s performance. An installment sale also may make sense if the seller wishes to spread … Continue reading

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Tax Bite: Is a Roth IRA conversion right for you this year?

If you have a traditional IRA, you might benefit from converting some or all of it to a Roth IRA. A conversion can allow you to turn tax-deferred future growth into tax-free growth. It also can provide estate planning advantages: Roth IRAs … Continue reading

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