Category: Tax Planning


It’s a good time to buy business equipment and other depreciable property

There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it … Read More »

July 16th

Tax Planning. Comments Off on It’s a good time to buy business equipment and other depreciable property


Volunteering for charity: Do you get a tax break?

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is … Read More »

July 9th

Tax Planning. Comments Off on Volunteering for charity: Do you get a tax break?


You may have to pay tax on Social Security benefits

During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may … Read More »

July 2nd

Tax Planning. Comments Off on You may have to pay tax on Social Security benefits


If your kids are off to day camp, you may be eligible for a tax break

Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost.

The value of a … Read More »

June 26th

Tax Planning. Comments Off on If your kids are off to day camp, you may be eligible for a tax break


2019 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to … Read More »

June 18th

Tax Planning. Comments Off on 2019 Q3 tax calendar: Key deadlines for businesses and other employers


Donating your vehicle to charity may not be a taxwise decision

You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction … Read More »

June 11th

Tax Planning. Comments Off on Donating your vehicle to charity may not be a taxwise decision


Thinking about moving to another state in retirement? Don’t forget about taxes

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes … Read More »

June 4th

Tax Planning. Comments Off on Thinking about moving to another state in retirement? Don’t forget about taxes


The chances of IRS audit are down but you should still be prepared

The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, … Read More »

May 28th

Tax Planning. Comments Off on The chances of IRS audit are down but you should still be prepared


Hire your children this summer: Everyone wins

If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you … Read More »

May 22nd

Tax Planning. Comments Off on Hire your children this summer: Everyone wins


Selling your home? Consider these tax implications

Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% … Read More »

May 15th

Tax Planning. Comments Off on Selling your home? Consider these tax implications

HOBERMAN & LESSER, LLP