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Douglas Freeman

Saving tax on restricted stock awards with the Sec. 83(b) election

Compensation and Benefits, Employee Benefits, Income Tax, Individual Income Tax, Investment, Restricted Stock, Sec. 83(B), Stock Based Compensation, Tax, Tax Cuts and Job Acts (TCJA), Tax Planning /

Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section […]

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Sending your kids to day camp may provide a tax break

Flexable Spending Accounts, Summer Day Care Credits, Tax Credits, Uncategorized, Working Parents /

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! Dollar-for-dollar savings Day camp (but not overnight camp) is a qualified expense under the child and dependent care credit, which is

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The TCJA changes some rules for deducting pass-through business losses

Income Tax, Individual Income Tax, Past-Through Entities, S Corporation, Small Business, Tax Cuts and Job Acts (TCJA) /

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct

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Be aware of the tax consequences before selling your home

Income Tax, Individual Income Tax, Real Estate, Tax Considerations of Selling Your Home, Tax Cuts and Job Acts (TCJA) /

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion

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Can you deduct business travel when it’s combined with a vacation?

Business Travel Deductions, Business Travel Expense, Deductable Expenses, Tax Deduction /

At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting. General rules. Business

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Do you need to adjust your withholding?

Individual Income Tax, Refund, Tax Savings, Tax Withholdings /

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should

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IRS Audit Techniques Guides provide clues to what may come up if your business is audited

Audit Techniques Guide (ATGs), IRS Audit, Small Business, Tax, Tax Audits /

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business

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Tax record retention guidelines for individuals

Doucment Retention, Federal Income Tax, Income Tax, Individual Income Tax, Statute Of Limitations /

What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But it’s the perfect time to go through old tax records and see what you can discard. The 3-year and 6-year rules At

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Tax document retention guidelines for small businesses

Doucment Retention, Small Business /

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related

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