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Personal Tax Tips For 2017 Filings
Mortgage Interest Points
Retirement Plan and Other Investment Strategies
If you believe a Roth IRA is better than a traditional IRA, and you want to remain in the market for the long term, consider converting traditional-IRA money invested in beaten-down stocks ( or mutual funds) into a Roth IRA if eligible to do so. Keep in mind, however, that such a conversion will increase your adjusted gross income.
Realize losses on stock while substantially preserving your investment position. This can be done by selling the original holding, then buying back the same security at least 31 days later.
Business Tax Tips
You can claim deductions for the business-related use of an auto using either the standard mileage rate method or the actual expense method. You should use the method that will yield the largest deduction.
Home Office Expenses
To qualify for a deduction related to an office in the home, you must have an area of your home used exclusively as your principal place of business. This includes a placeof business where you meet or deal with patients, clients, or customers.
Unlike other plans, a profit-sharing plan is flexible. It can be designed so that the employer is not required to make an annual contribution.
Net Operating Loss
The Tax Cuts and Jobs Act discontinues NOL carryback, so now is the time to carryback!
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