Returning Value Blog

As another tax season quickly approaches, foreign bank account holders should be aware of new filing deadlines regarding Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

Comparing two tax return methods

Do you operate a business out of your home? It could be your main line of work, and your only source of business income, or just a sideline activity. Depending on your circumstances, you may be entitled to a generous tax deduction for this “home office” on your 2016 tax return.

Of course, taxes are a major concern when you work full time for a living. Unfortunately, you may also have to pay federal income tax on a portion of the Social Security benefits you receive during the year—even though you’ve paid Social Security tax all the years you have been working.

Machen McChesney has been assisting executors and trustees in managing administrative duties for over 60 years.  We understand that leaving an estate or trust to chance can result in significant tax consequences or even frozen assets. The complexity of it all is very confusing, which is why we can work together to help you achieve the future you seek for yourself and your family. 

Key rules for job-related expenses

Are you planning a move in the near future? Be aware of special tax rules for deducting moving expenses on your personal tax return. In some cases, moving expenses are fully or partially deductible, while other times they are not.

With the 2017 tax season fast approaching, I wanted to pass along a few tips and timelines to any executor or trustee who will be filing Form 1041 income tax filings for trust and estates, as well as Form 709 gift tax. Filing Fiduciaries of estates and complex trusts have the option to treat certain distributions as having occurred last year. An election can be made with respect to distributions made within 65 days after the end of a tax year.

Issued August 24, 2016, Rev. Proc. 2016-47 simplifies the process for correcting late rollovers from one tax-qualified retirement account to another. The guidance provides plan administrators and IRA trustees with an additional basis for accepting rollover contributions after the 60-day deadline.

Undoubtedly, the national elections will have an impact on personal taxes for years to come. But it is unlikely that a lame-duck Congress will enact changes that will significantly affect tax planning for 2016. Accordingly, here are seven tax moves for individuals to consider at the end of this year.

A key component of estate planning

Most of us lead hectic lives, but as part of an estate plan, it is important to take the time to designate or update beneficiaries for all of your assets. Notably, you should be aware that designations for retirement plans and life insurance policies supersede beneficiary dispositions in your will. Keeping that in mind, here are several practical suggestions.

Make these elections on your 1040 tax return.

Owners of rental property may be surprised to learn that they may take a tax deduction on their 1040 tax returns. Tangible property regulations, issued by the IRS in 2013, address a wide variety of topics, including materials and supplies; repairs and maintenance; capital expenditures; and amounts paid for the acquisition and improvement of tangible property.