PBMares Accounting Blog

Six Strategies For Your Tax Playbook

Posted by Louise Clayton-Kastenholz on May 23, 2017 10:59:42 AM

I’m looking forward to tax day. No, I’m not in a time warp.  I do know that April 15th is behind us, and most people I talk to are relieved that they don’t have to think about taxes for another year (or in the case of those who extended their returns, until that last piece of paperwork shows up).  Often that sense of relief is due not just to the sense of getting through the process of the paperwork, but the whole thought process of dealing with the topic. 

But right now, now that it’s all over, is the best time to think about taxes, while the effects of this last filing season are fresh in the mind.  In sports, the coach looks at the team’s performance after each game and studies the strategies for weaknesses while the results are still fresh and the team has time to prepare for the next game.  Here we are with almost eight months left in 2017 to improve our game. 

Read More

Topics: Tax Planning, Estate Planning

Turning next year’s tax refund into cash in your pocket now

Posted by Nick Preusch, JD, LLM, MSA, CPA on May 19, 2017 10:19:56 AM

Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money.

Fortunately, there is a way to begin collecting your 2017 refund now: You can review the amounts you’re having withheld and/or what estimated tax payments you’re making, and adjust them to keep more money in your pocket during the year.

Read More

Topics: Tax Bites, Tax Planning

Real estate investor vs. professional: Why it matters

Posted by J. Denise Short on May 18, 2017 2:07:30 PM

Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward.

Read More

Topics: Tax Bites, Tax Planning

Operating across state lines presents tax risks — or possibly rewards

Posted by Lori Roberts, CPA on May 9, 2017 3:43:52 PM

It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible that many businesses quickly find themselves crossing state lines.

Read More

Topics: Tax Bites, Tax Planning

Still filing a paper tax return? Be sure you know the “timely mailed = timely filed” rule.

Posted by Carolyn Irwin, CPA, MSA on Apr 13, 2017 9:33:27 AM

Read More

Topics: Tax Bites, Tax Planning

Are you eligible for the American Opportunity Credit?

Posted by Michael Kennison, CPA , CIT on Mar 28, 2017 11:14:00 AM

If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your dependent child claims the credit, you must forgo your dependency exemption for him or her. And the child can’t take the exemption.

Read More

Topics: Tax Bites, Tax Planning

The Sandwich Generation – taking a bite out of the burden

Posted by Louise Clayton-Kastenholz on Mar 10, 2017 1:53:39 PM

They call us the Sandwich Generation, the middle layer between grown or growing children who depend on us and parents who also depend on us.   Being in this position can sap a family’s resources physically, emotionally, and, of course, financially. 

Fortunately, if you are providing for an elderly parent or other family member, there are some potential tax breaks available to help ease the burden. First of all, there is the dependency exemption, allowing a deduction of up to $4,050 per dependent.  For a family in the 25% tax bracket, that translates to a savings of just over $1,000.

Read More

Topics: Tax Planning, Estate Planning

Tangible property safe harbors help maximize deductions

Posted by Jennifer French, CPA on Mar 1, 2017 1:03:20 PM

Read More

Topics: Tax Bites, Tax Planning

Do you need to file a 2016 gift tax return by April 18?

Posted by Donald Knotts, CPA on Feb 23, 2017 9:30:00 AM

Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making a gift, it’s important to know under what circumstances you’re required to file a gift tax return.

Read More

Topics: Tax Bites, Tax Planning

New Item on the Vacation Planner - Pay Taxes

Posted by Louise Clayton-Kastenholz on Feb 16, 2017 8:15:38 AM

It's February and you're thinking about that dream vacation to an island in the sun, or an exciting discovery of another country's history and culture.   That's great, but before you book that ticket and renew your passport, make sure that you are up to date on your taxes.

Read More

Topics: Tax Planning