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Reilly Tax Advisor

3 midyear tax planning strategies for individuals

Jul 27, 2017

In the quest to reduce your tax bill, year-end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies.

Reilly Tax Advisor

3 midyear tax planning strategies for business

Jul 25, 2017

Tax reform has been a major topic of discussion in Washington, but it’s still unclear whether it will happen this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on tax planning for businesses. Let’s look at three midyear tax strategies inspired by the Protecting Americans from Tax Hikes (PATH) Act.

Reilly Tax Advisor

Claiming a federal tax deduction for moving costs

Jul 05, 2017

Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that you might be eligible for a federal tax deduction for your moving costs.

Reilly Tax Advisor

Donating a vehicle might not provide the tax deduction you expect

Jun 01, 2017

All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction.

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.

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