by KNSS | Dec 2, 2016 | 2016 Year End Newsletter
According to the IRS, to be deductible, an expenditure must be both ?ordinary? and ?necessary? in connection with your profession.? The IRS defines ?ordinary? as common and accepted in a particular profession and ?necessary? as helpful and appropriate for a particular...
by KNSS | Dec 2, 2016 | 2016 Year End Newsletter
Here are the major points of Trump’s Tax Plan that will impact your personal taxes: Decreased Tax Brackets and Rates: Trump’s tax plan calls to reduce the number of tax brackets from the current 7 brackets (10%. 15%, 25%, 33%, 35% & 39.6%) to just 3...
by KNSS | Dec 2, 2016 | 2016 Year End Newsletter
An Identity Protection PIN is a 6-digit number that the IRS assigns to taxpayers each year to help verify your identity and protect against identity theft. If you?ve been a victim of identity theft, you must include this IP PIN to your tax return in order to...
by KNSS | Dec 2, 2016 | 2016 Year End Newsletter
Most working professionals have access to a 401(k) plan or a 403(b) plan at work.? Amounts contributed to these plans generally reduce your taxable earnings and always grow tax deferred.? Like 2016, you can again contribute up to $18,000 into a 401(k) or 403(b) plan...
by KNSS | Dec 2, 2016 | 2016 Year End Newsletter
With the end of the 2016 calendar year quickly approaching, reviewing your specific tax situation may be tax-wise to help reduce your income taxes as well as possible underpayment of tax penalties. Year-end planning techniques to reduce your taxable income or increase...
by KNSS | Dec 2, 2016 | 2016 Year End Newsletter
It’s not too late to cut your 2016 tax bill.? Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven’t been contributing at the maximum rate all year. This year you can put away up to $18,000 ($24,000 if 50 or older) into your...
