Consider Taxes before Converting Your Home to a Rental Property

Consider Taxes before Converting Your Home to a Rental Property Have you ever thought about becoming a landlord? This option may be tempting if your local real estate market is surging and rental rates are strong, especially if you’re already planning to relocate or downsize to a smaller home. Ideally, you’ll be able to shelter … Continued

Can Your Research Credits Offset Your Payroll Tax Bill?

Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit that can now be used to offset your federal payroll tax bill. Which Research ActivitieWs Qualify? To be eligible for the research credit, a business must have engaged in “qualified” research activities. To be considered … Continued

Sol Schwartz & Associates, P.C. Wins Marketing Achievement Award from The Association for Accounting Marketing

June 14, 2017 (Las Vegas, NV) – Tracey Cifone, Marketing Director for Sol Schwartz & Associates, P.C. accepted the win for their print campaign nomination. Thirty awards for marketing accomplishment were awarded for accounting marketers recognized for achievement. Expert category judges, including professionals in marketing, advertising, communications and professional services, reviewed and judged 99 entries. … Continued

2017 Q3 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 third 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 to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July 31 … Continued

International Tax Monthly: Cross-border finances, FBAR definition, Foreign tax credit

   Australia Outlines Approach to Cross-Border Financing In a long-awaited move, the Australian Taxation Office (ATO) released draft guidelines setting out its approach to cross-border related party financing arrangements. The guidance will apply to existing and new financing arrangements beginning July 1, 2017. The ATO views these arrangements as a major tax compliance risk. The … Continued

Donating a vehicle might not provide the tax deduction you expect

Donating a vehicle might not provide the tax deduction you expect All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction. Take vehicle donations, for example. If … Continued

Business owners: When it comes to IRS audits, be prepared

Business owners: When it comes to IRS audits, be prepared If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the … Continued

Wedding Bells and Taxes: Tax Issues to Consider Before Tying the Knot

Summer — the traditional wedding season — is just around the corner. Marriage changes life in many ways. Here’s how it may affect your tax situation. Marital Status Your marital status at year end determines your tax filing options for the entire year. If you’re married on December 31, you’ll have two federal income tax … Continued

Financial Survival Tips for Recent College Graduates

  The Boomerang Generation Even if they already have a full-time job, recent graduates are increasingly choosing to live with their parent(s) or grandparent(s) to save money. But financial dependence is rarely the sole reason for “boomeranging” home. Instead: ·  Young people are waiting longer to get married compared to previous generations. Without a fiancé … Continued