March 2017 - Page 2 of 2

Mar
08
2017

Tangible property safe harbors help maximize deductions

If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 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 of years. But costs incurred on incidental repairs and maintenance can be expensed and immediately deducted.

Mar
06
2017

Should your nonprofit outsource HR management?

If your not-for-profit has too much work and not enough staff to go around, consider outsourcing your human resources function. It could give your internal team more time to spend on other core duties, mission-driven programs and strategic plans.

Benefits and drawbacks

Labor-intensive responsibilities such as recruiting, training, benefits planning and administration, compliance monitoring, leave management, and performance reviews can all be outsourced. Transferring all or some of these responsibilities to the right outside party can vault your organization to a higher level of professionalism and efficiency in those areas.

Mar
03
2017

When it comes to charitable deductions, all donations aren’t created equal

As you file your 2016 return and plan your charitable giving for 2017, it’s important to keep in mind the available deduction. It can vary significantly depending on a variety of factors.

What you give

Other than the actual amount you donate, one of the biggest factors that can affect your deduction is what you give:

Cash. This includes not just actual cash but gifts made by check,

Mar
01
2017

Can the WOTC save tax for your business?

Employers that hire individuals who are members of a “target group” may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2016 and obtained proper certification, you can claim the WOTC on your 2016 tax return. Whether or not you’re eligible for 2016, keep the WOTC in mind in your 2017 hiring, because the credit is also available for 2017.

In fact, the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended the WOTC through 2019.