More Tax Reform Details Revealed

Tax Reform Details Families and Individuals The number of tax brackets for individuals have been reduced from seven to four brackets, with the top bracket remaining at 39.6%. Preliminary break points are as follows:  The lower tax rates begin to phase-out for income in excess of $1.2 million if filing joint, $1 million of all…

2017 Q3 Tax Calendar

Key tax 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 at 216-831-7171 or info@cp-advisors.com to ensure you’re meeting…

Preparing for an IRS Tax Audit

Business owners: When it comes to IRS tax 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…

Tax Refund

Turn next year’s tax refund into cash in your pocket now A tax refund, to be sure, feels like getting an influx of cash, and the bigger the check, the better. But it also means you are essentially giving the government an interest-free loan for close to a year. Keeping those dollars throughout the year…

More Tax Saving Ideas

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…