Category Archives: Tax

How the change in definition of Repair and Maintenance Affects Small Business Taxes

The IRS recently released final regulations regarding the treatment of acquiring, producing, maintaining, and producing tangible property.  These regulations provide for a new definition of Repair and Maintenance which can significantly affect small business taxes.  Many small businesses will need to file a Form 3115 Application for Change in Accounting Method to apply this new…

Tax Extenders Impact on Individuals and Business

In December, President Obama signed the Tax Increase Prevention Act of 2014. Essentially, the bill extends a number of tax credits for both individuals and businesses. Essentially there are 50 different tax deductions, credits and other tax savings laws that were set to expire. Congress and the President have decided to extend several of these…

Can Obamacare really work?

There is a lot of opinion on Obamacare, AKA the Affordable Care Act or ACA. Some of those opinions are very loud. It is time for Clearpath Accountants to chime in. This Act will impact many of us, especially on our tax returns. What effect will Obamacare have on employees? Obamacare will continue to drive…

Fair or Too Far?

In the world of competitive job markets like Silicon Valley, perks and freebies have come to be the norm for many companies interested in attracting and retaining top talent. Gym memberships, over the top meals, haircuts and even shuttles or private buses for employees are just a few of the perks several organizations make available…

College? Retirement? Comfortable Lifestyle?

The challenge is this: How do you pay for college while at the same time continue to invest for retirement? Not to mention lead a comfortable life meanwhile. Solution one is to not save for retirement, continue the lifestyle and sock away every extra cent you’ve got into your children’s college education. This would mean…

Invest in the Future By Investing in Education

Have you heard of a 529 Plan? This could be a highly advantageous option for those looking to help send a child, or grandchild to college. The 529 Plan is “A plan operated by a state or educational institution, with tax advantages and potentially other incentives to make it easier to save for college and…

Strange Tax Laws

There have been some weird and strange tax laws throughout history. One example of this is when Peter the Great, in an effort to bring western culture into Russia, decided to impose a tax on any man sporting a beard. Or, how about the time ancient Egypt levied a tax on cooking oil and prohibited…

The Closer You Are To The Cash Register

By Colin Grubb I recently attended an IRS audit on a client’s behalf. While there, the auditor asked me “what is LinkedIn?”  My client is an outside salesman and, if you are reading this, you may initially be just as shocked as I was at the question.  I asked her if she had heard of…

Last Minute Shoppers, Uh Tax Planners

By Colin Grubb It is not too late to look at some strategies to reduce an individual’s income tax liability for 2013. Here are some ideas, though you may need to reach out to us for clarification: Fund your health savings account to the maximum. See the attached link for limits here. (This is not an endorsement for…

Sex and Taxes – What you need to know now

Michael Cohn in Accounting Today noted that “The Treasury Department and the Internal Revenue Service have ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.  Any same-sex marriage legally entered into in one of the 50 states, the District of Columbia, a U.S. territory,…