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Be careful with your tax planning. Have you gotten some big gains this year? You should consider looking for unrealized losses in your portfolio and possibly selling off those investments before the end of the year to help offset those gains. This can reduce your 2014 tax liability. Careful tax planning can help, because if…
Alternative Minimum Tax: Triggers could boost your tax bill if you’re not careful. A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer, and in some cases permanently reduce your taxes. But beware of the exceptions. One is if the additional deductions this year trigger the alternative minimum…
Are you concerned with tax planning and your stock-based compensation? Ciuni & Panichi’s group of seasoned tax planning experts can help answer all your questions. If you’re an executive or other key employee, you might be compensated with more than just salary, fringe benefits, and bonuses. You might also be awarded stock-based compensation, such as restricted…
Want to Pay Fewer Taxes? At Ciuni & Panichi, Inc. our tax professionals are always looking for ways to help you reduce your tax burden. Here is another idea you can implement today. Expenses that may qualify as miscellaneous itemized deductions are deductible for regular tax purposes only if they exceed (in aggregate) two percent of your…
Why you need to know the value of your assets. With the gift and estate tax exemptions currently at $5.34 million, you might think that estate valuations are less important. But even if you believe that your estate’s value is under the exemption amount, it’s still important to know the value of your assets. First,…
More Tax Breaks for Your Family At Ciuni & Panichi, Inc., we are experts at finding all the credits you and your family deserve. Tax credits can be especially valuable because they reduce taxes dollar-for-dollar, where deductions reduce only the amount of income that’s taxed. Here are two credits available for higher education expenses: The…
Turn your business loss into a tax gain! If during the income tax return filing year, you found that your business had a net operating loss for the year, the news at tax time won’t be all bad. Even though nobody enjoys being unprofitable, a net operating loss does have an upside – it can generate tax benefits for your…
Could the Tax Deduction of State and Local Sales Taxes Save You Money? For the last several years, taxpayers have been allowed to take an itemized tax deduction for state and local sales taxes in lieu of state and local income taxes. Although this break hasn’t yet been extended to 2014, it is still available…
Additional Tax Benefits of Travel Are you thinking about combining a business trip and a family vacation this year? This is a great way to fund a portion of your vacation costs. But be careful or you could lose the tax benefits of business travel. Generally, if the primary purpose of your trip is business,…
Adjusting rental vs. personal use might save taxes With summer drawing to a close, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: If you rent it out for less than 15 days, you don’t have to report the income. …