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Reilly Tax Advisor

Tax extenders: 3 breaks that will benefit individuals on their 2014 returns

Jan 07, 2015

President Obama recently signed into law the Tax Increase Prevention Act of 2014 (TIPA), which extended through Dec. 31, 2014, many valuable tax breaks that had expired at the end of 2013. Here are three that individuals may be able to take advantage of when filing their 2014 returns:

Reilly Tax Advisor

Popular tax breaks extended to 2014 tax year in last-minute Congressional action

Dec 17, 2014

Individual taxpayers and businesses will be able to take numerous popular tax deductions and credits on their 2014 tax returns, thanks to a last-minute vote in the U.S. Senate.

Reilly Tax Advisor

AMT triggers could boost your tax bill if you’re not careful

Oct 22, 2014

Reilly Tax Advisor

Three tax traps when donating real estate to charity

May 22, 2014

If you’re considering donating a property to charity, here are three potential tax traps you need to be aware of.

Reilly Tax Advisor

You can still save on 2013 taxes - contribute to IRA by April 15

Mar 27, 2014

Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years.

Reilly Tax Advisor

Tax Changes You Need to Know for 2014

Mar 10, 2014

Several recent changes in tax law could affect your tax bill or refund in 2014.

Reilly Tax Advisor

Taking tax deductions for 2013 charitable donations? Get proof

Feb 12, 2014

To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value of any such goods or services.

Reilly Tax Advisor

New IRS rules expand ability to deduct property expenses

Feb 05, 2014

New rules regarding capitalization vs. repair of tangible property went into effect on Jan. 1 of this year, and they will significantly benefit certain taxpayers.

Reilly Tax Advisor

New ‘safe harbor’ for home office tax deduction

Feb 05, 2014

If your use of a home office is for your employer’s benefit or because you’re self-employed, you may be able to deduct a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses, as well as the depreciation allocable to the office space.

Reilly Tax Advisor

To capitalize or deduct? New IRS rules clarify the question

Jan 30, 2014

New rules regarding capitalization vs. repair of tangible property went into effect on Jan. 1 of this year, and they will significantly benefit certain taxpayers.

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