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Reilly Tax Advisor

Who can — and who should — take the American Opportunity tax credit?

Mar 21, 2017

If you have a child in college, you may be eligible to claim the American Opportunity tax credit on your 2016 income tax return.

Reilly Tax Advisor

2016 IRA contributions — it’s not too late

Mar 14, 2017

Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017.

Reilly Tax Advisor

When an elderly parent might qualify as your dependent

Mar 07, 2017

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption.

Reilly Tax Advisor

Do you need to file a 2016 gift tax return?

Feb 15, 2017

Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. It's important to know under what circumstances you’re required to file a gift tax return.

Reilly Tax Advisor

The ‘manufacturers’ deduction’ isn’t just for manufacturers

Feb 02, 2017

The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses.

Reilly Tax Advisor

The investment interest expense deduction: Less beneficial than you might think

Jan 25, 2017

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make this itemized deduction less beneficial than you might think.

Reilly Tax Advisor

2017 Q1 tax calendar: Key deadlines for businesses and other employers

Jan 17, 2017

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. This list isn’t all-inclusive, so there may be additional deadlines that apply to you.

Reilly Tax Advisor

Deduction for state and local sales tax benefits some taxpayers, but not all

Jan 17, 2017

The federal tax break allowing taxpayers to take a deduction for state and local sales taxes in lieu of state and local income taxes was made permanent a little over a year ago. This break can be valuable to those residing in states with no or low income taxes or who purchase major items, such as a car or boat.

Reilly Tax Advisor

Accelerating your property tax deduction to reduce your 2016 tax bill

Nov 28, 2016

You can prepay (by December 31) property taxes that relate to 2016 but that are due in 2017, and deduct the payment on your return for this year.

Reilly Tax Advisor

Year-end tax strategies for accrual-basis taxpayers

Nov 21, 2016

The last month or so of the year offers accrual-basis taxpayers an opportunity to make some timely moves that might enable them to save money on their 2016 tax bill.

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