BKHM Blog

2014 YEAR-END TAX PLANNING FOR INDIVIDUALS

Posted by Sheridan Smith on Tue, Oct 28, 2014 @ 10:55 AM

As 2014 draws to a close, we are still waiting for Congress to pass the popular tax benefits commonly referred to as “extenders.” Although this is less than ideal for planning purposes, the good news is that much of the current Tax Code remains unchanged for the 2014 tax year and beyond. Click here to read the planning guide 2014 Year-End Tax Planning Guide

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Topics: IRS, Tax Planning, 1040 taxes

LIST OF KEY EXPIRED TAX BREAKS

Posted by Sheridan Smith on Mon, Feb 03, 2014 @ 09:39 AM

A List of Key Expired Tax Breaks

Several federal income tax breaks for individuals and businesses expired at the end of 2013. Although we're solidly into 2014, Congress has, so far, failed to extend many of the tax savings opportunities that you've become accustomed to. (Some observers predict that Congress won't act for months.)

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Topics: IRS, tax breaks, deductions, 1040 taxes

2013 YEAR END TAX PLANNING

Posted by Sheridan Smith on Tue, Sep 17, 2013 @ 12:23 PM
Even though the calendar still says summer, it's not too early to be thinking about year-end tax planning. In fact, year-end tax planning has become around-the-year tax planning because of tax legislation (or the lack of tax legislation), new IRS rules and regulations and personal and business considerations. Looking ahead to year-end 2013, there are many tax planning strategies to explore and evaluate.

ATRA brings some certainty

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Topics: bkhm cpa, Affordable Care Act, Tax Planning, 1040 taxes

SIMPLIFIED HOME OFFICE TAX DEDUCTION OPTION

Posted by Sheridan Smith on Tue, Feb 12, 2013 @ 09:09 AM

In tax year 2010, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction). The IRS has announced a simplified option that many owners of home-based businesses and some home-based employees may use to figure their deductions for the business use of their homes.

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Topics: bkhm cpas, IRS, 1040 taxes, tax deductions

TAX RECORDS - HOW LONG SHOULD YOU KEEP THEM?

Posted by Sheridan Smith on Mon, Apr 02, 2012 @ 12:50 PM

Tax Day 2012 is looming — and after we file our returns, many of us will try to figure out what to do with the seemingly innocuous but possibly crucial documents we use to prepare our returns. Filing electronically can make those records easier to manage. But what should we really keep, and for how long?

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Topics: bkhm cpas, 1040 taxes, Tax Return