October Tax Tips

Why you should contribute more to your 401(k) in 2015 Contributing to a traditional employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, offers many benefits: Contributions are pretax, reducing your modified adjusted gross income (MAGI), which can also help you reduce or avoid exposure to the 3.8% net investment income tax.…

Tax Issues and Inherited IRAs

Special tax rules for inherited IRAs Normally, retirement plan distributions made to a nonspouse beneficiary after the account owner’s death are taxable at the time they are received and cannot be rolled over to the beneficiary’s own IRA. However, employer-sponsored retirement plans are required to offer nonspouse beneficiaries the option to roll over inherited amounts tax-free…

July Tax Tips

100% Tax Deduction for Certain M&E Expenses! What can I take as a tax deduction for meals and entertainment? Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses: For food and beverages furnished at the workplace primarily for employees, Treated as employee…

Short Term Rental of Your Home

Does renting your home make sense for you? We are all aware that Cleveland has become a popular destination of late.  Major motion pictures are being filmed here, we recently had the Rock n’ Roll Hall of Fame Induction Ceremony, and next year brings the RNC convention into town.  This activity is increasing demand for short-term…

April Tax Tips

Make sure you have proper tax substantiation for your 2014 donations. If you don’t meet IRS tax substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the…