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If you are over age 70 1/2, you may be able to reduce your adjusted gross income (AGI) and receive a tax deduction for donating to your favorite charity. Generally, taking a required minimum distribution (RMD) from your traditional IRA increases your taxable income. However, you can choose to have your RMD send directly to a charity which is not included in your AGI. Even more beneficial, this good deed will qualify as a charitable contribution. Much has been in the news regarding the new tax law and the in

The tax reform legislation passed by Congress significantly changes the landscape for individuals effective January 1, 2018 and for several years thereafter. For many taxpayers, the changes made by the legislation present many tax planning challenges and opportunities. While the tax rates have been lowered and the brackets expanded, the exemption deduction has been eliminated and the State and Local tax deduction has been limited to $10,000. These changes will also affect the taxes being withheld on your pa

If you are thinking of selling your business, want to know its current worth, or are just generally curious where your business value stands, there are several options BWTP P.C. can offer you. A valuation is determined on what the seller intends on doing in a hypothetical sale. As a general rule, CPAs, through their extensive training – combined with experience in tax, auditing, accounting for closely-held business, and financial analysis – have an excellent background for dealing with the compl

Individuals that have discovered they made an error on their tax returns after they have been filed can file an amended return (Form 1040X) to correct the error. Amended tax returns can be filed to correct most errors regarding income tax returns; however, they do not need to be filed to correct math errors or the omission of a required form or schedule. In this care, the IRS will request this information through the mail. Amended returns should be filed within three years of the date of timely filing to cl

For many construction contractors, there are impending changes in laws governing both income taxes and financial reporting that come into affect during the current fiscal year or the upcoming one. These are changes that owners and key accounting personnel of construction contractors should become aware of and begin to plan how it affects their company. Federal Tax Changes: Prior to the Tax Cuts and Jobs Act passed in December, the law indicated that construction contractors were required to use the percenta