© 2014 by Butler-Davis Tax & Accounting, LLC

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March 30, 2015

People who inherit property are often concerned about the taxes they will owe on any gain from that property's sale. After all, the property may have been purchased years ago at a low cost by a decea...

March 26, 2015

Business owners – especially those operating small businesses – may be helped by a tax law allowing them to deduct up to $5,000 of the start-up expenses in the first year of the business’s operation....

March 25, 2015

April 1 - Last Day to Withdraw Required Minimum Distribution

 

Last day to withdraw 2014’s required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in 2014. Failing to ma...

March 25, 2015

April 15 - Social Security, Medicare and Withheld Income Tax 

If the monthly deposit rule applies, deposit the tax for payments in March. 

April 15 - Corporations 

The first installment of 2015 es...

March 2, 2015

Whether or not the interest you pay on a loan to acquire a vehicle is deductible for tax purposes depends how the vehicle is being used (for business or personal purposes), the tax form on which the...

February 27, 2015

Don't wait around for a paper check. Have your federal (and state, if applicable) tax refund deposited directly into your bank account. Selecting Direct Deposit is a secure and convenient way to get...

February 26, 2015

 

March 2 - Payers of Gambling Winnings 

 

File Form 1096, Annual Summary and Transmittal of U.S. Information Returns, along with Copy A of all the Forms W-2G you issued for 2014. If you file Forms W-2G...

February 26, 2015

March 2 - Farmers and Fishermen 

 

File your 2014 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2014 estimated tax by January 15, 2015. 

 

M...

February 25, 2015

One frequently overlooked tax benefit is the “spousal IRA.” Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes: wages, tips, bonuses,...

February 18, 2015

Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. General...

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Tax Break for Sales of Inherited Homes

March 30, 2015

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