AHP Blog

Created: Saturday, August 13, 2016

Three Tax-Smart Strategies for Giving

It’s the goal of many Americans to pass wealth to the next generation. To maximize what goes to your loved ones vs. Uncle Sam, you need to carefully plan your gifts. Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with proper estate planning strategies in place).
Created: Wednesday, August 3, 2016

Have You Recently Received a Layoff Notice? What Are the First Steps You Should Take?

Receiving a Layoff Notice No matter the situation, leaving a job is an emotional and intimidating experience. It is especially terrifying when it wasn’t something you had planned for ahead of time. However, there are steps you can take to aid in your financial well-being and peace of mind. The sooner these important items are handled, the better.
Created: Wednesday, July 27, 2016

Should You Make a “Charitable IRA Rollover” in 2016

Last year a break valued by many charitably inclined retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions.
Created: Tuesday, June 7, 2016

What the New Overtime Rules Mean for You

A change in the rules governing overtime has been coming for two years, with a sneak preview of proposed modifications last year. But on May 18, the Department of Labor (DOL) came out with its new final rules, which take effect on December 1, 2016. The rules will significantly raise the salary level used to determine whether employees are eligible for overtime and will affect more than 4 million salaried employees, according to the DOL.
Created: Wednesday, May 11, 2016

Understand the Tax Consequences of Selling Your Home

As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the market. After all, in many locales, summer is the best time of year to sell a home. But it’s important to think not only about the potential profit (or loss) from a sale, but also about the tax consequences.
Created: Tuesday, April 26, 2016

Unexpected Retirement Plan Disqualification Can Trigger Serious Tax Problems

It’s not unusual for the IRS to conduct audits of qualified employee benefit plans, including 401(k)s. Plan sponsors are expected to stay in compliance with numerous, frequently changing federal laws and regulations. For example, have you identified all employees eligible for your 401(k) plan and given them the opportunity to make deferral elections? Are employee contributions limited to the amounts allowed under tax law for the calendar year? Does your 401(k) plan pass nondiscrimination tests? Traditional 401(k) plans must be regularly tested to ensure that the contributions don’t discriminate in favor of highly compensated employees.
Created: Friday, April 8, 2016

The End is Approaching for Popular Social Security “File and Suspend” Strategy

If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include losses from normal wear and tear or progressive deterioration from age or termite damage.
Created: Wednesday, March 23, 2016

Tips for Deducting Losses from a Disaster, Fire, or Theft

If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include losses from normal wear and tear or progressive deterioration from age or termite damage.
Created: Tuesday, February 9, 2016

Deduct Home Office Expenses – If You’re Eligible

Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it.
Created: Tuesday, February 2, 2016

Extension Means Businesses Can Take Bonus Depreciation on Their 2015 Returns – But Should They?

Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended 50% bonus depreciation through 2017.