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Tax

Monday, 15 May 2017

Tax benefits of homeownership

Written by Forefield, Inc.

Buying a home can be a major expenditure. Fortunately, federal tax benefits are available to make homeownership more affordable and less expensive. There may also be tax benefits under state law. Mortgage interest deduction One of the most important tax benefits of owning a home is that you may be able to deduct any mortgage interest you pay...

Published in Wealth Management

President Trump has unveiled a tax reform outline — the "2017 Tax Reform for Economic Growth and American Jobs." The outline calls for dramatic tax cuts and simplification: lower individual tax rates under a three-bracket structure, doubling the standard deduction, and more than halving the corporate tax rate; along with changing the tax treatment of pass-throughs, expanding child and dependent incentives, and more. Both the alternative minimum tax and federal estate tax would be eliminated. The White House proposal does not include spending and tax incentives for infrastructure; nor a controversial "border tax...

Published in Tax
Tuesday, 02 May 2017

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

Written by Thomson Reuters

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...

Published in Tax
Tuesday, 18 April 2017

Individual tax calendar: Key deadlines for the remainder of 2017

Written by Thomson Rueters

While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that are important to be aware of. To help you make sure you don’t miss any important 2017 deadlines, here’s a look at when some key tax-related forms, payments and other actions are due. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them...

Published in Tax

Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight...

Published in Tax
Monday, 10 April 2017

So you just filed your taxes — could an audit be next?

Written by Thomson Reuters

Like many people, you probably feel a great sense of relief after your tax return is completed and filed. Unfortunately, even professionally prepared and accurate returns may sometimes be subject to an IRS audit. The good news? Chances are slim that it will actually happen .....

Published in Tax
Monday, 10 April 2017

5 growth strategies for today’s businesses

Written by Thomson Reuters

It’s probably safe to say that nearly every business owner wants his or her company to grow. The question is: How? As you ponder your company’s ideal strategic direction, here are five common business growth strategies to consider: 1.Creating and delivering new products and services...

Published in Tax
Monday, 10 April 2017

Got nexus? Find out before operating in multiple states

Written by Thomson Reuters

For many years, business owners had to ask themselves one question when it came to facing taxation in another state: Do we have “nexus”? This term indicates a business presence in a given state that’s substantial enough to trigger the state’s tax rules and obligations. Well, the question still stands. And if you’re considering operating your business in multiple states, or are already doing so, it’s worth reviewing the concept of nexus and its tax impact on your company...

Published in Tax
Thursday, 06 April 2017

Revenue recognition: Let’s get started!

Written by Magdalena Marriott and Stephen Chang

The new revenue recognition standard — also known as ASC 606 — will change the way companies recognize revenue from contracts with customers. The new standard requires that revenue is recognized when control of the sold goods or services is transferred and not when the risks and rewards of ownership are transferred, as is required by the current standard.  ASC 606 prescribes a five-step model all companies must follow regardless of their industry. The model requires companies to: Step 1: Identify the contract(s) with the customer Step 2: Identify the separate performance obligations Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when and as each performance obligation is satisfied Before implementing the above model, however, companies should first perform a high-level impact assessment by identifying all significant revenue streams and contract types...

Published in Tax
Tuesday, 04 April 2017

Saving tax with home-related deductions and exclusions

Written by Thomson Reuters

Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017:Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT).Mortgage interest deduction...

Published in Tax
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