Can you pay bonuses in 2017 but deduct them this year? You may be aware of the rule that allows businesses to deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after…

Ensure your year-end donations will be deductible on your 2016 return Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and…

There’s still time to benefit on your 2016 tax bill by buying business assets In order to take advantage of two important depreciation tax breaks for business assets, you must place the assets in service by the end of the…

Accelerating your property tax deduction to reduce your 2016 tax bill 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…

Year-end tax strategies for accrual-basis taxpayers The last month or so of the year offers accrual-basis taxpayers an opportunity to make some timely moves that might enable them to save money on their 2016 tax bill. Record and recognize The…

A brief overview of the President-elect’s tax plan for individuals Now that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overhaul of the U.S. tax code next…

A quick look at the President-elect’s tax plan for businesses The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released…

There’s still time to set up a retirement plan for 2016 Saving for retirement can be tough if you’re putting most of your money and time into operating a small business. However, many retirement plans aren’t difficult to set up…

It’s critical to be aware of the tax rules surrounding your NQDC plan Nonqualified deferred compensation (NQDC) plans pay executives at some time in the future for services to be currently performed. They differ from qualified plans, such as 401(k)s,…