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Operating across state lines means new tax liability — Here’s why that might be a good thing

Expanding nationally isn’t just for large corporations anymore; small businesses are finding it easier than ever to cross state lines and widen their markets with the popularity of e-commerce and increasing efficiency of reaching far-away customers. 

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May Economic Update

First Quarter 2017 Market Perspective

A Timely Postmark on Your Tax Return may not be Enough to Avoid Late-filing Penalties

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. But dropping your return in a mailbox on the 18th may not be sufficient.

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April Economic Update

Saving Tax with Home-Related Deductions and Exclusions

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. You generally can deduct interest on up to a combined total of $1 million of mortgage debt incurred to purchase, build or improve your principal residence and a second residence. Points paid related to your principal residence also may be deductible.

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2017 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us at learnmore@BoulayGroup.com or 952.893.9320 to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Can You Maximize Your Tax Deductions with Tangible Property Safe Harbors?

If your business incurred costs related to any buildings, machinery, equipment or vehicles, you may be able to deduct the full cost on your 2016 income tax return using the Tangible Property Safe Harbors. There are some key qualifiers though, so it may be a good idea to discuss your possible deductions with our expert tax advisors.

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IRS Warns Taxpayers of Last-Minute Email Scams

The Internal Revenue Service (IRS) released a statement on Friday, March 17 warning taxpayers of last-minute email scams related to filing their taxes. As it gets closer to the April 18 tax-filing deadline, tax-related scams continue to rise, and cybercriminals are able to create sophisticated and successful phishing scams to obtain taxpayers’ personal information.

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2016 IRA Contributions — It’s Not Too Late!

Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea.

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