Williams Tax & Accounting

Shawn Williams — Wed, 15 Mar 2017 12:30:28 +0000

As you file your 2016 return and plan your charitable giving for 2017, it’s important to keep in mind the available deduction. It can vary significantly depending on a variety of factors. What you giveOther than the actual amount you donate, one of the biggest factors that can affect your deduction is what you give: […]

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Tangible property safe harbors help maximize deductions

Shawn Williams — Mon, 13 Mar 2017 12:30:26 +0000

If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make sure they were truly “repairs,” and not actually “improvements.” Why? Costs incurred to improve tangible property must be depreciated over […]

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Deduct all of the mileage you’re entitled to — but not more

Shawn Williams — Wed, 08 Mar 2017 12:30:38 +0000

Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to deduct miles driven for other purposes, including medical, moving and charitable purposes. What are […]

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Can the WOTC save tax for your business?

Shawn Williams — Mon, 06 Mar 2017 12:30:48 +0000

Employers that hire individuals who are members of a “target group” may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2016 and obtained proper certification, you can claim the WOTC on your 2016 tax return. Whether or not you’re eligible for 2016, keep the WOTC in mind in […]

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

Shawn Williams — Wed, 01 Mar 2017 12:31:14 +0000

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 […]

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SEPs: A powerful retroactive tax planning tool

Shawn Williams — Mon, 27 Feb 2017 12:30:39 +0000

Simplified Employee Pensions (SEPs) are sometimes regarded as the “no-brainer” first choice for high-income small-business owners who don’t currently have tax-advantaged retirement plans set up for themselves. Why? Unlike other types of retirement plans, a SEP is easy to establish and a powerful retroactive tax planning tool: The deadline for setting up a SEP is […]

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What you need to know about the tax treatment of ISOs

Shawn Williams — Wed, 22 Feb 2017 12:30:52 +0000

Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex tax rules apply to this type […]

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Take small-business tax credits where credits are due

Shawn Williams — Mon, 20 Feb 2017 12:30:29 +0000

Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two available credits are especially for small businesses that provide certain employee benefits. And one of them might not be available after 2017. 1. Small-business health care credit The Affordable Care Act (ACA) offers a credit to certain small employers that provide employees with health […]

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2016 higher-education breaks can save your family taxes

Shawn Williams — Wed, 15 Feb 2017 12:30:45 +0000

Was a college student in your family last year? Or were you a student yourself? You may be eligible for some valuable tax breaks on your 2016 return. To max out your higher education breaks, you need to see which ones you’re eligible for and then claim the one(s) that will provide the greatest benefit. […]

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The “manufacturers’ deduction” isn’t just for manufacturers

Shawn Williams — Mon, 13 Feb 2017 12:30:35 +0000

The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies. Sec. 199 deduction 101 The Sec. 199 deduction, also called the “domestic production activities deduction,” is 9% […]

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