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Tag Archives: Tax Planning

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Tax Benefits for Holiday Family Employment

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 29, 2022 by Lake Wylie Tax Services StaffNovember 29, 2022

Tax Benefits for Holiday Family EmployeeAlong with the holidays comes a lot of extra work for many family-run businesses, which may require putting the kids to work and having a spouse help out over the busy time. There are special tax rules when hiring your children and also for your spouse, depending on whether he or she is a business partner or an employee.

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Posted in Tax Central | Tagged Employee, Tax Planning

Year-End Gift Giving with Tax Benefits

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 22, 2022 by Lake Wylie Tax Services StaffNovember 22, 2022
Year-end Gift Giving

#GivingTuesday 11/29/2022

The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts even provide a variety of tax benefits.

But be wary; during the holiday season, you may receive phone calls, texts, emails, snail mail, or appeals on social networking sites for donations for various causes. However, some of these appeals may come from fraudsters and not legitimate charities. Unfortunately, this happens every holiday season.

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Posted in Charity, Tax Central | Tagged Charitable Giving, Tax Planning

Year End Tax Planning Issues

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 15, 2022 by Lake Wylie Tax Services StaffNovember 15, 2022

Year-end Tax ReviewYear-end is rapidly approaching as are the holidays. So before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022 and 2023.

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Posted in Clover Tax Preparation, Gastonia Tax Preparation, Income Tax Preparation, Lake Wylie Tax Preparation, Record Keeping Tips, Steele Creek Tax Preparation, Tax Central, York SC Tax Preparation | Tagged Tax Planning

Managing Gains and Losses in a Turbulent Year

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 8, 2022 by Lake Wylie Tax Services StaffNovember 8, 2022

Managing a Turbulent Year in the Stock MarketIt’s been a rough Fall for the stock market. So much so that you should probably carefully review your portfolio and other capital transactions to minimize gain or maximize losses for the year. Remember, capital gains and losses are not just limited to stock transactions. For example, stock losses can offset the gain from the sale of a rental. So you may want to consider other capital transactions you’ve already made this year or could make before the end of the year that would result in a gain that can be offset with stock losses. There can be any number of scenarios that might benefit from year-end planning.

Any transaction you plan must be completed by the end of the year, which is right at the conclusion of the Holidays. Thus, it is probably appropriate to have your planning strategies in place well in advance of the Holidays.

But first here’s a review of the various tax rules and strategies that apply during this severely down stock market.

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Posted in Tax Central | Tagged Tax Planning

Read This Before Tossing Old Tax Records

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on September 20, 2022 by Lake Wylie Tax Services StaffSeptember 20, 2022

disposing of old tax recordsNow that your taxes are complete and filed for the year, you are probably wondering what old tax records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to understand why the records needed to be kept in the first place.

Generally, we keep “tax” records for two basic reasons: (1) in case the IRS or a state agency decides to question the information reported on our tax returns, and (2) to keep track of the tax basis of our capital assets so that the tax liability can be minimized when we actually dispose of the assets.

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Posted in Record Keeping Tips, Tax Central | Tagged Tax Planning

Life Changing Events Can Impact Your Taxes

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on August 23, 2022 by Lake Wylie Tax Services StaffAugust 23, 2022

Life Events can have an impact on taxesThroughout your life there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are a few of those events:

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Posted in Tax Central | Tagged Divorce, Home and Mortgage, Marriage, Tax Planning

Not All Interest Is Deductible For Taxes

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on August 9, 2022 by Lake Wylie Tax Services StaffAugust 9, 2022

Not All Interest Is Deductible For TaxesA frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities. Interest expense can fall into any of the following categories:

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Posted in Tax Central | Tagged Tax Deduction, Tax Planning

What Is a Required Minimum Distribution?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on August 3, 2022 by Lake Wylie Tax Services StaffAugust 3, 2022

Required-Minimum-DistributionRequired minimum distributions (RMDs) are required distributions from qualified retirement plans. RMDs are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs.The tax code does not allowtaxpayers to keep funds in their qualified retirement plans indefinitely. Eventually, assets must be distributed, and taxes must be paid on those distributions. If a retirement plan owner takes no distributions, or if the distributions are not large enough, he or she may have to pay a 50% penalty on the amount that is not distributed. (Note that distributions are not required to be taken from Roth IRAs while the account owner is alive.)

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Posted in Retirement Planning | Tagged RMD, Tax Planning

You May Receive an IRS Form 1099-K This Year

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on July 5, 2022 by Lake Wylie Tax Services StaffJuly 5, 2022

What is a 1099KEffective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from $20,000 to a mere $600. So, you might ask, what does that have to do with me? This change can impact taxpayers in several ways, some unexpected, so you may find yourself in for a surprise that can be unpleasant in some situations.

This article explores the several ways taxpayers can be affected. But first we need to review the purpose of the 1099-K and what can occur for you to receive one.

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Posted in For Business, Tax Central | Tagged Tax Planning

Happy Birthdays from the IRS

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on May 17, 2022 by Lake Wylie Tax Services StaffMay 17, 2022

Schedule of Taxes depending upon BirthdayWhen Congress enacts tax laws, many times whether the law applies is based on the age of the taxpayer or a taxpayer’s dependent. Reaching a certain age sometimes provides a tax benefit, while in other cases there’s a tax “penalty” – meaning that a specific type of income becomes taxable, or a credit no longer applies. Most of these age-related tax rules concern dependent children or retirement plan contributions or distributions. If you or a member of your tax family is having one of these special birthdays this year, you may be interested in knowing how your taxes will be affected, so here are some birthdays (or half-birthdays in a couple of cases) that have tax significance, listed by the age as of the birthday:

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Posted in Tax Central | Tagged Tax Planning

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