Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subject to the alternative minimum tax (AMT) in the current year, accelerating deductible expenses into the current year typically is a good idea. Why? Because it will defer tax, which usually is beneficial.
One deductible expense you may be able to control is your property tax... more
Increased limits recently announced by the Internal Revenue Services for 2015 contribution limits for both employer-sponsored plans and individual retirement accounts (IRAs) may provide individuals and businesses with opportunities for additional tax savings in the coming year. These increases included:
Employees participating in 401(k), 403(b) and most 457 plans may defer up to $18,000 in earnings, an increase from $... more
The Internal Revenue Service has announced annual inflation adjustments for 2015 on more than 40 tax provisions, with highlights including:
The 39.6 percent tax rate affects singles whose income exceeds $413,200 ($464,850 for married taxpayers filing a joint return), up from $406,750 and $457,600, respectively.
The standard deduction rises to $6,300 for singles and married persons filing separate returns and $12,600... more
When you hear the words “estate planning,” the first thought that comes to mind may be taxes. But estate planning is about more than just reducing taxes. It’s about ensuring your family is provided for, your business can continue and your charitable goals are achieved long after your departure.
If you haven’t prepared an estate plan, Doeren Mayhew’s interactive web 2014 Estate Planning Guide will help... more
Doeren Mayhew, a top 100 CPA and advisory firm, has launched a staffing, recruiting and workforce management arm to better serve the growing businesses that make up its Houston client base.
Leveraging Doeren Mayhew’s expertise in accounting, human resources and business operations, DoerenSource offers staffing solutions for full-time, part-time, temporary and project-based positions. The company currently specializes... more
The Social Security Administration (SSA) recently announced that the taxable wage base for purposes of computing the Social Security portion of the FICA payroll tax will increase to $118,500 in 2015. The SSA also announced that Social Security benefits will rise by 1.7 percent.
A Few Details
Social security taxable wages are subject to a 6.2 percent tax. The tax is payable by both the employee and the employer, making t... more
Conducting international business with multiple banking relationships and lines of credit can complicate operations and add unnecessary costs, among other issues. Unfortunately, this may be your only option if you currently work with a bank that has limited international capabilities or that can no longer support your financing needs for the business you do abroad. Houston CPA firm Doeren Mayhew offer these signs that you... more
Health Care Flexible Spending Accounts (FSAs) allow employees to redirect pretax income to an employer-sponsored plan that pays, or reimburses them for, qualified medical expenses not covered by insurance. A maximum employee contribution limit of $2,500 went into effect in 2013. (Employers can set a lower limit, however, and there will continue to be no limit on employer contributions to FSAs.)
Employers that haven’t... more
The Foreign Account Tax Compliance Act (FATCA) was designed to help prevent tax evasion by U.S. citizens and taxpayers with offshore financial accounts. In an attempt to identify assets currently earning income outside the United States, the act requires U.S. individual taxpayers to report their foreign accounts, as well as foreign financial institutions to withhold tax on certain types of foreign dealings with... more
Do you bite your nails before your external audit each year? Does your staff start showing signs of anxiety in anticipation of the auditors walking in the door?
If this sounds like your situation, take a deep breath. Top audit firm Doeren Mayhew provides five tips for making the audit experience run more smoothly for everyone involved.
1. Be Ready for Your Audit
You should receive a list with items needed and the de... more