Facing an unexpected bill for the additional 0.9% Medicare tax?
April 14, 2015 Knowledge Center
Facing an unexpected bill for the additional 0.9% Medicare tax?

The additional 0.9% Medicare tax applies to FICA wages and self-employment income exceeding $200,000 per year ($250,000 for married filing jointly and $125,000 for married filing separately). Unfortunately, the withholding rules have been tripping up some taxpayers, causing them to face an unexpected tax bill — plus interest and penalties — when they file their […]

A net operating loss on your 2014 tax return isn’t all bad news
April 7, 2015 Knowledge Center
A net operating loss on your 2014 tax return isn’t all bad news

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs (though of course the specific rules are more complex). If when filing your 2014 income tax return you’ve found that your business had an NOL, there is an upside: tax benefits. When a business incurs a qualifying NOL, the loss […]

Still filing a paper return? Be sure you understand the “timely mailed = timely filed” rule
April 2, 2015 Knowledge Center
Still filing a paper return? Be sure you understand the “timely mailed = timely filed” rule

The IRS considers a paper return that’s due April 15 to be timely filed if it’s postmarked by midnight on April 15.  But dropping your return in a mailbox on the 15th may not be sufficient. For example, let’s say you mail your return with a payment on April 15, but the envelope gets lost.  […]

SD-3C LLC Wins $69 Million Judgment in Fraud and Trademark Infringement Case
March 31, 2015 In the News
SD-3C LLC Wins $69 Million Judgment in Fraud and Trademark Infringement Case

On March 17, 2015, SD-3C LLC won a summary judgment of more than $69 million when a federal judge ruled that two Chinese companies and four of its executives were guilty of fraud, trademark infringement, and breach of contract after underreporting sales and royalties on the sale of memory card technology licensed by SD-3C. In […]

Miller Kaplan Arase Announces Three New Partner Promotions for 2015
March 30, 2015 Press Releases
Miller Kaplan Arase Announces Three New Partner Promotions for 2015

Miller Kaplan Arase, one of the top 100 accounting firms in the U.S., proudly announced the promotions of Alexandra Chernyak, Justine Grant Ruffalo and Stephen Ozen into the firm’s partnership, effective March 1, 2015. Douglas Waite, Managing Partner said, “It’s a pleasure to welcome Alex, Justine, and Stephen to the partnership.  Their depth of industry […]

Do you need to file a 2014 gift tax return by April 15?
March 17, 2015 Knowledge Center
Do you need to file a 2014 gift tax return by April 15?

Generally, you’ll need to file a gift tax return for 2014 if, during the tax year, you made gifts: That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to your U.S. citizen spouse), That you wish to split with your spouse to take advantage of your combined $28,000 annual exclusions, or Of future interests — […]

Taking advantage of tangible property safe harbors
March 10, 2015 Knowledge Center
Taking advantage of tangible property safe harbors

If your business has made repairs to tangible property, such as buildings, machinery, equipment and vehicles, you may be eligible for a deduction on your 2014 income tax return. But you must make sure they were truly “repairs,” and not actually “improvements.” Why? Costs incurred to improve tangible property must be depreciated over a period […]

You might benefit from deducting investment interest expense on your 2014 tax return
March 3, 2015 Knowledge Center
You might benefit from deducting investment interest expense on your 2014 tax return

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make the deduction less beneficial than you might think. Your investment interest deduction is limited […]

Make sure you have proper substantiation for your 2014 donations
February 25, 2015 Knowledge Center
Make sure you have proper substantiation for your 2014 donations

If you don’t meet IRS 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 donation, and the value of any such goods or services. If you […]

Should you forgo a personal exemption so your child can take the American Opportunity credit?
February 17, 2015 Knowledge Center
Should you forgo a personal exemption so your child can take the American Opportunity credit?

If you have a child in college, you may not qualify for the American Opportunity credit on your 2014 income tax return because your income is too high (modified adjusted gross income phaseout range of $80,000-$90,000; $160,000-$180,000 for joint filers), but your child might. The maximum credit, per student, is $2,500 per year for the […]

The “manufacturers’ deduction”: It’s not just for manufacturers
February 10, 2015 Knowledge Center
The “manufacturers’ deduction”: It’s not just for manufacturers

The manufacturers’ deduction, also called the “Section 199” or “domestic production activities” deduction, is 9% of the lesser of qualified production activities income or taxable income. The deduction is also limited to 50% of W-2 wages paid by the taxpayer that are allocable to domestic production gross receipts. Yes, the deduction is available to traditional manufacturers. But […]

Be sure to deduct all of the mileage you’re entitled to
February 3, 2015 Knowledge Center
Be sure to deduct all of the mileage you’re entitled to

You probably know that miles driven for business purposes can be deductible.  But did you know that you might also be able to deduct miles driven for other purposes?  The rates vary depending on the purpose and the year. Business: 56 cents (2014), 57.5 cents (2015) Medical: 23.5 cents (2014), 23 cents (2015) Moving: 23.5 […]