The DMJ Digest
Insights and musings from the desks of DMJ professionals.
The DMJ Digest
Insights and musings from the desks of DMJ professionals.
Benefiting from the Rehabilitation Credit in Altering or Adding to Business Space
Are you considering increasing your business space or moving your business location in the near future? If so, you should keep in mind the rehabilitation tax credit. In its most common form the credit is equal to 10% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building. The credit is allowed against both regular federal income tax and alternative minimum tax. Qualified rehabilitation expenditures must be for real property (but not land) and can’t include building enlargement or acquisition costs.
read moreMaximizing Depreciation Deductions for Business Real Estate
When buying business real estate-for your own occupancy or for rental to others-you should take steps that maximize the income tax depreciation deductions that you can claim for the property. Here are a few suggestions: Separating improvements from land…
read moreAccountants, Auditors, and Technology – What’s in Our Future?
In June 2018, the CPAI A&A Conference Planning Committee has devoted time on the agenda for presentations concerning artificial intelligence, “blockchain” accounting, data analytics, and cybersecurity. While each of those are somewhat familiar to all of us, I personally find “blockchain” accounting the most fascinating. Reading and attending CPE relative to “blockchain” accounting has helped me somewhat understand it.
read moreDMJ’s e-blast September 2017
DMJ's September e-newsletter with important news and resources regarding understanding AMT, filing status, and special events.
read moreThe Latest on the Tax Reform Effort
Overall Observations With every change, there are winners and losers. People who are either helped by the change or people who are hurt by the change. I will point those out throughout the commentary below. This “Framework” is put forth by the so-called “Big Six” of...
read moreDMJ & Co. PLLC Partner Dana Beeson Announces Retirement
DMJ & Co., PLLC (DMJ) announces that partner, Dana Beeson CPA/PFS, will be retiring from public accounting effective October 31, 2017.
read moreIndividual Alternative Minimum Tax Credit
Taxpayers aren’t pleased when they have to pay the alternative minimum tax (AMT). However, upon paying the (AMT), you may be entitled to a potential tax credit in future years, that will get you back some of that AMT.
read moreWhen Should Married Couples File Separate Returns?
In general, the decision will depend upon which filing status results in the lowest tax. But bear in mind that, if you and your spouse file a joint return, each of you is jointly and severally liable for the tax on your combined income, including any additional tax that IRS assesses, plus interest and most penalties.
read moreUnderstanding the Individual Alternative Minimum Tax (AMT)
The tax law gives special treatment to certain kinds of income and allows special deductions for certain kinds of expenses. The AMT was designed to increase the tax bill of taxpayers who take undue advantage of these tax benefits to avoid significant tax liability.
read moreThe Lemonade Stand
I have three important rules I try to never break: Buy popcorn from every Cub Scout that asks. Buy cookies from every Girl Scout that asks (but I try not to eat them). And always stop by every Lemonade Stand to buy some. I think supporting young entrepreneurs is an...
read more