Tax and Business Alert - March 2016



Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs. Please contact us if you have questions about any of the issues discussed.

WALK THE PATH TO TAX SAVINGS FOR 2015
Many taxpayers expect to encounter a few roadblocks while traversing their preferred tax-saving avenues. Fortunately, tax extenders legislation signed into law this past December may make filing a little easier this year. This article walks through just a few highlights of the PATH Act - including pertinent provisions for both individuals and businesses. A sidebar notes that the provision allowing older taxpayers to make direct contributions from their IRA to qualified charities is now permanent. Read more...

5 THINGS TO KNOW ABOUT SUBSTANTIATING DONATIONS
There are virtually countless charitable organizations to which one might donate. But, no matter the donation, the individual making the contribution will need documentation. This article provides five important points about substantiating donations. Read more...

WHY YOU MIGHT WANT TO NOT CLAIM YOUR CHILD AS A DEPENDENT
Understandably, many parents get in the habit of claiming their children as dependents on their federal tax returns. But there is a valid reason to break the habit. This article explores the concept of not claiming a child as a dependent so he or she can qualify for a valuable tax credit related to higher education. Read more...

RUN A BUSINESS "ON THE SIDE"? MAKE SURE IT'S NO HOBBY
A business that's run "on the side" might not be a business at all in the eyes of the IRS. To ensure some pursuits are really businesses - and not mere hobbies intended primarily to offset other income - the IRS enforces what are commonly referred to as the "hobby loss" rules. This brief article looks at the details. Read more...

This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and, accordingly, assume no liability whatsoever in connection with its use. The information contained in this newsletter was not intended or written to be used and cannot be used for the purpose of (1) avoiding tax-related penalties prescribed by the Internal Revenue Code or (2) promoting or marketing any tax-related matter addressed herein. © 2016