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10 / 04 / 2015 by Greg Freyman, CPA in Personal Tax

How Do Roth 401(K) Plans Work?

If your company offers a 401(K) plan to your employees, some of them may inquire about treating the contributions as Roth contributions. This is how you can be prepared to answer their questions about Roth 401(k) contributions.

 

What is a Roth 401(k)?

This type of employer-provided retirement account allows the employee to designate Roth contributions of up to $18,000 or $24,000 if 50 or older (reference IRC Section 402(g)) for the 2015 tax year. Similar to a Roth IRA, the contributions are made with after-tax dollars, but appreciate tax-free over time. A key benefit of the Roth 401(K) is that there is no income limit as is the case with a Roth IRA. You can earn $1 million and still be eligible.

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10 / 02 / 2015 by Greg Freyman, CPA in Business Tax

Are Condo Common Area Expenses Deductible?

A condominium is different from a house in many respects. For instance, condos typically do not have a yard or basement. Instead, condo owners share land, lobbies, elevators, stairs, pools, and other service areas. As such, owners generally pay dues or assessments to a special corporation that is organized to manage the common areas.

 

Are condo common area expenses deductible?

The short answer is that common area expenses are not deductible if the condo is being used as personal property. However, if the condominium association makes a capital improvement to the property, the owners can add their pro-rata share of the expense to their cost basis. It is important to save the supporting documentation detailing the nature of the improvement since it will be incorporated in your capital gains tax calculation when you eventually sell the condo.

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10 / 01 / 2015 by Greg Freyman, CPA in Business Tax

Determining The Weight For Depreciating A Van Or Truck

Question:
I’m not sure about the weight issue for depreciating a van or truck. Does the 6,000 pounds of “gross vehicle weight” mean loaded or unloaded weight for trucks and vans? Is that the same as GVWR (gross vehicle weight rating)?

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09 / 22 / 2015 by Greg Freyman, CPA in Personal Tax

Deceased Spouse’s Carryforward Capital Losses

Question:
My now deceased spouse owned several investments that were sold during the year prior to her passing at substantial capital losses. Can those carryforward capital losses be applied to my tax return or are they lost?

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09 / 14 / 2015 by Greg Freyman, CPA in News & Press

Freyman CPA On The Foreign Account Tax Compliance Act

We recently spoke with Bianca Wright of Nearshore Americas to discuss how best to navigate the murky waters of the Foreign Account Tax Compliance Act (FATCA). As you may be aware, U.S businesses and individuals transacting overseas need to adhere to the requirements and regulations imposed by the Act. Below is an excerpt from the article.

Four Things You Need To Know About FATCA

Differentiating Between Business and Contractors

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08 / 28 / 2015 by Greg Freyman, CPA in Personal Tax

Estimated Personal Taxes Are Due On Sept. 15th

Estimated personal taxes for the 3rd payment of the 2015 tax year are due on September 15th.  This also applies at the state and local level. These taxes must be paid by the due date to avoid interest & penalties. Below are the specific details.

 

Requirement: Make a payment for your estimated tax for the current year if you are not paying your income tax through withholding as part of payroll. This includes self-employment income, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards.

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08 / 25 / 2015 by Greg Freyman, CPA in Business Tax

Estimated Corporate Taxes Are Due Soon!

Estimated corporate taxes for the 3rd payment of the 2015 tax year are due on September 15th.  This also applies at the state and local level. These taxes must be paid by the due date to avoid interest & penalties. Below are the specific details.

Requirement: Deposit the third installment of your estimated corporate income taxes to avoid interest, penalties & a big tax bill at the end of the year.

Who Must Pay: Corporations must generally make quarterly estimated tax payments if it expects the estimated tax for the year to be $500 or more for the tax year.

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Fund and Investment Accounting in Excel

Excel is a powerful tool used by accountants to summarize financial information. Join accountant Greg Freyman as he reveals the steps involved in summarizing financial information accounting in excel. If you have any questions, please contact us.

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08 / 24 / 2015 by Greg Freyman, CPA in Personal Tax

How To Depreciate Foreign Rental Property

Question:
We purchased personal use foreign property in July 2012 for $300,000. On 1/1/14, the property was converted to rental use. It was rented out for three months in 2014. For purposes of setting up this rental property to calculate depreciation, should I use the exchange rate as of July 2012 or 1/1/14? Also, can you confirm that foreign rental property should be using ADS depreciation method with mid-month convention.

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08 / 07 / 2015 by Greg Freyman, CPA in Personal Tax

Can I Deduct Fertility Treatments As A Medical Expense?

Question:
We are married and earn about $300,000 per year. My wife is trying to become pregnant and we have already spent $24,000 in fertility treatment. Now we are considering using donor eggs which will cost an additional $42,000 Thus $66,000 in expense in 2015 or we can break it up to $24k this year and $42k next year. Is this type of expense deductible as a “medical expense?” Secondly, would the use of a FSA or HSA have been wise? Third, would it benefit to wait until 2016 to do this procedure and use a HSA or FSA? Fourth, assuming that we would receive some benefit by waiting until 2016, can they have the procedure done now and pay later to move the expense to 2016.

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Contact our office at (904) 330-1200 or info@taxproff.com to discuss Tangible Personal Property Tax for your business, or if you have any questions.
AUTHORS

Angela Freyman
MBA

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Greg Freyman
CPA

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