tax savings Archives - BeachFleischman CPAs

Arizona Tax Credit Alert – November 2018

November 5, 2018 Tax Department Tax Bites arizona, tax credits, tax planning, tax savings

The Arizona legislature has retained and expanded some of the incentives for charitable giving for 2018. This alert explains the credits for individuals only. The dollar limits differ depending on marital status. Your payments will make a positive impact on the recipient organization, while at the same time reducing your Arizona income tax liability dollar[…]

Home green home: Save tax by saving energy

July 5, 2018 July 3, 2018 Tax Department Tax Bites energy costs, green home, green tax credits, tax savings

"Going green" at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the[…]

Saving tax on restricted stock awards with the Sec. 83(b) election

May 30, 2018 May 29, 2018 Tax Department News and Events restricted stock, Section 83(b) election, stock, tax savings

Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might have a tax-saving opportunity in the form of the Section[…]

Section 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

March 1, 2018 Tax Department Tax Bites Section 179 expensing, tax cuts and jobs act, tax savings

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly[…]

Plan Now and Take Advantage of 2017 Tax Savings

November 3, 2017 November 2, 2017 Joy Cervantes Entrepreneurs tax, tax planning, tax savings, tips

The end of the year is often hectic, which is why it’s important to take some time now to reduce your tax bill. Our firm can offer additional strategies to further mitigate your tax burden; however, the following 5 tips are an excellent starting point: Defer income. Because income is taxed in the year it[…]

What Commercial Property Owners Should Know About Cost Segregation

September 27, 2017 March 27, 2018 Tax Department Cost Segregation commercial property, commercial real estate, depreciation, tax savings

As the owner of commercial property, you likely are tasked with a number of financial obligations when it comes to maintaining or making improvements to the building or land you purchased. You want to preserve the value and make a return on your investment. So if you have the opportunity to save significant tax dollars[…]

Cost Segregation Studies Gone Wrong

August 16, 2016 Jon Bickerton Tax Bites commercial real estate, cost segregation, cost segregation studies, depreciation, tax savings

For many, rapidly accelerating the depreciation on a commercial building by utilizing a cost segregation study is a no-brainer. Commercial properties are depreciated over 39 years by default, which is an awfully long time to recover the tax benefits of your cost. If you can frontload those deductions, it only makes economic sense. Right? Well,[…]

Should you make a “charitable IRA rollover” in 2016?

July 27, 2016 Tax Department News and Events charitable IRA rollover, direct contributions, qualified charitable organizations, required minimum distribution, RMDs, tax savings

Last year a break valued by many charitably inclined retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. Satisfy your RMD A charitable IRA[…]

Combine business travel and a family vacation without losing tax benefits

June 17, 2016 Tax Department Tax Bites business travel, deduct expenses, family vacation, tax savings, travel expenses

Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel. Reasonable and necessary Generally, if the primary purpose of your trip is business,[…]

Tread carefully when determining compensation for S corp. shareholder-employees

July 31, 2015 July 29, 2015 Tax Department Tax Bites compensation, Medicare tax on wages, S Corporation dividends, tax, tax liability, tax savings, unpaid payroll taxes

By distributing profits in the form of dividends rather than salary, an S corporation and its owners can avoid payroll taxes on these amounts. Because of the additional 0.9% Medicare tax on wages in excess of $200,000 ($250,000 for joint filers and $125,000 for married filing separately), the potential tax savings may be even greater[…]