CONSIDERING LEASING YOUR BUSINESS REAL ESTATE?

If your business is incorporated, it may be a good idea for you to own the business real estate and lease it to your corporation. That's because there are a number of tax and nontax concerns relating to real estate ownership. Before you acquire new business property or change the ownership of property you already have, give us a call at (518) 798-3330. We can discuss tax considerations.

BEWARE OF EMAIL HACKS

One of several identity theft scams IRS Commissioner John A. Koskinen spoke about at a recent IRS Nationwide Tax Forum is a client email hack scam. This happens when a thief uses a taxpayer's email address to send an email to a tax preparer with instructions to redirect refunds into a different bank account.

Protect your tax returns this tax season by ensuring your email accounts and important data is kept safe with strong passwords, malware protection and other security measures.

DEBT FORGIVENESS AND TAXES

Did you know that any amount of canceled debt is typically taxed as ordinary income? If you receive debt forgiveness for home, car or student loans, or credit card interest and debt, you may create a tax liability. There are some exceptions, like when debt is forgiven as part of a Chapter 11 bankruptcy, or when a person's total debt is more than the value of the assets he or she owns.

HOW TO HIT THE STANDARD DEDUCTION THRESHOLD

Have you hit your standard deduction threshold yet? If not, you still have a few options to help create a lower tax bill for the 2017 tax season. One way is to donate stock you've held for more than a year to a charity. You can also consider prepaying next year's donation in the current year. Another option is to pay your taxes prior to year-end. We can help you find the best option for your situation.

ARE YOU WITHHOLDING ENOUGH FOR TAXES?

Don't leave it up to chance – check your 2017 tax withholdings while you still have some time to make changes. You can use the withholding calculator on the IRS website to see if you are paying too much or not enough. To make a change, fill out a Form W-4 and give it to your employer. You'll end up filling out another form in early 2018 to adjust your withholding schedule.

YOUR RECEIPTS ARE IMPORTANT: SAVE THEM

Deduction opportunities abound for people who know the importance of saving their receipts and keeping proper documentation. Make sure you're taking the right steps to make qualified deductions during filing season.

STAY AWAY FROM STRUCTURING

Avoiding bank reporting by manipulating cash transactions is called structuring – and it's against the law. Know the rules around structuring and how to make sure your business isn't questioned by the IRS.

THE TAX BENEFITS OF STAYING SINGLE

Have you ever heard of the marriage penalty? It means you could be taxed more as a married couple than you would as single people making the same amount of money. This is because single filers almost always have higher income thresholds when moving to higher tax brackets. Personal exemptions and itemized deductions can also phase out more quickly for married couples than for single filers.

The marriage penalty might not be a reason to skip matrimony, but it could motivate you to find out more about how taxes may change for you and yours.

IS YOUR HOBBY ACTUALLY A BUSINESS?

If you invest a ton of personal time and effort into your hobby, plus you have multiple customers and keep professional records, your hobby might actually be a business.

Turning your hobby into a business means you can deduct qualified business expenses. But ,that's only if you do it right. The IRS has certain criteria that must be met, or your hobby-turned-business could be challenged. Give us a call at (518) 798-3330 to find out more.