Resources & Links
For your convenience, DMJ provides an up-to-date library of insights, tools, resources, and special announcements related to all your tax and accounting needs.
Resources & Links
Tax Watch
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 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 moreTax Credit for Small Businesses for Costs of Starting a Pension Plan
There is an opportunity to lower your tax bill somewhat while establishing a pension plan for your employees, which, as you know, can help you retain better employees.
read moreBusiness Travel Away From Home (Within the U.S.)
The rules for deducting the cost of your out-of-town business travel within the U.S. applies when business conducted out of town reasonably requires an overnight stay.
read moreDownsizing: Learn about Exclusion of Taxable Gain on Sale or Exchange of Your Principal Residence
Selling your home and moving into a smaller one or a condo is seldom an easy decision, but at least part of the decision-making process is a little easier in light of an exclusion that eliminates most people’s federal tax liability on gain from the sale or exchange of their homes.
read moreCharitable Planning for Retirement Benefits
There are numerous tax advantages of giving qualified retirement plan and individual retirement account (IRA) benefits to a charity.
read moreIs your worker an independent contractor or an employee?
The question of whether a worker is an independent contractor or employee for federal income and employment tax purposes is a complex one. It is intensely factual, and the stakes can be very high.
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