Tax Tips

Early withdrawals from a 401(k) can be costly

Early withdrawals from a 401(k) can be costly If you’re considering taking a 401(k) withdrawal before you’ve reached 59 ½ years old, I would think twice.  In most cases (excluding those where you’ve left your employer in/after the year you turned 55) ...[Read More]

Donating Appreciated Property for Tax Savings

Donating Appreciated Property for Tax Savings Clients are always asking me for tax saving measures to take before the end of the year.  While most suggestions involve spending money to get a dollar for dollar deduction (cash donations to charity, inc ...[Read More]

Louisiana Technology Donations can be Big Tax Savings

Louisiana Technology Donations can be Big Tax Savings Most taxpayers are aware of the benefits of making charitable donations.  It’s pretty simple in most cases.  You give to a charity and you get a charitable donation deduction that saves Federal in ...[Read More]

Form 1099 Filing Requirements

Form 1099 Filing Requirements If you made a payment during the calendar year **as part of your trade or business**, you are likely required to file a 1099 or Information Return with the IRS. Form 1099-MISC would be issued for payments, in the course ...[Read More]

Benefits of a Roth 401(k)

Benefits of a Roth 401(k) A Roth IRA can be a great vehicle for retirement savings.  Taxpayers make after-tax (non-deductible) contributions to a Roth IRA.  Contributions accumulate along with earnings in the Roth IRA and can be withdrawn TAX FREE on ...[Read More]

New Due Dates for 2016 Tax Returns

New Due Dates for 2016 Tax Returns NEW DUE DATES FOR 2016 TAX RETURNS Are you ready for the new due dates for 2016 tax returns due in 2017?  Recently enacted legislation has changed some due dates in order to facilitate a more logical flow of informa ...[Read More]

Employ your children and get a tax deduction

Employ your children and get a tax deduction Business owner clients often ask me about putting their children on the payroll.  It’s a common strategy that can really save money depending on the number of children you can employ and how much you can r ...[Read More]

IRS First-time Penalty Abatement PRM CPA Lafayette, LA

IRS First-time Penalty Abatement Did you receive an IRS notice assessing penalties? If so, time out. You may qualify for the IRS’ first­-time penalty abatement (FTA) waiver.  The FTA is an administrative waiver that the IRS grants to taxpayers ...[Read More]

Can I claim a loss due to the flooding?

Casualty Losses  Personal Property Those affected by the recent floods may qualify for casualty loss deductions.  These losses are reported on Form 4684, Casualties and Thefts.  The loss is limited to the lesser of cost or decrease in FMV of property ...[Read More]

Tax Relief to Louisiana Storm Victims

Tax Relief to Louisiana Storm Victims Louisiana storm victims will have until January 17, 2017 to file certain Federal individual and business tax returns and make certain Federal tax payments, the Internal Revenue Service announced Monday.  All work ...[Read More]