Tax Planning

Tax Planning

Cover & Rossiter Expert Shares Tax Insights

(Wilmington, DE March 27, 2019) Taxes are the hot topic right now for both individuals and businesses. Recently, Myunghee Geerts, Principal in Cover & Rossiter’s tax department, was invited to speak at several business organization events. Her primary focus was on helping organizations understand the ever-changing tax laws and ensuring their ability to maximize earnings…

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5 Tips to Simplify Tax Time

April 15 always seems to sneak up, and surely this year will be no different. While there’s no escaping the tax deadline, this year can be the easiest tax season ever. Use the following tips to streamline the tax return process and minimize stress. Review and complete the tax organizer. The organizer provides you with…

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School Property Tax Relief For Seniors

The State of Delaware currently offers homeowners ages 65 and over a tax credit against their school property taxes of 50% (up to $400). The Senior School Property Tax Credit may be used against the property taxes on a primary residence. To qualify for this credit, you must be age 65 or older by June…

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Year-End Tax Planning for Businesses

There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2019, by delaying end-of-year invoices, so payment is not received until 2019. Businesses using…

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Year-End Tax Planning for Individuals

Once again, tax planning for the year ahead presents a number of challenges this year, primarily due to the passage of the law known as the Tax Cuts and Jobs Act of 2017 (TCJA). Changes include the nearly doubling of the standard deduction, elimination of personal exemptions and the reduction or elimination of numerous itemized…

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Seasonal Employees and Taxes

Many businesses hire part-time or full-time workers, especially in the summer. These types of employees are referred to as seasonal workers, which the IRS defines as an employee who performs labor or services on a seasonal basis (i.e. six months or less). Examples of this kind of work include retail work exclusively during holiday seasons,…

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Saving for Education: 529 Plans

Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child’s K-12 education as well as…

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Using a Car for Business: New Rules under TCJA

Many of the tax provisions under tax reform were favorable to small business owners including those relating to using a car for business. Here’s what you need to know. Section 179 Expense Deduction If you buy a new car in 2018, and use it more 50 percent for business use, you can take advantage of…

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Self-Employed? Five Easy Ways to Lower Your Tax Bill

If you’re like most small-business owners, you’re always looking for ways to lower your taxable income. Here are five ways to do just that. Deducting the Cost of a Home Computer If you purchased a computer and use it for work-related purposes, you can take advantage of the Section 179 expense election, which allows you…

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What to Do When Your Tax Return is Late

Tuesday, April 17, 2018, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2017 tax return yet, the sooner you do something about it the better, and it may be easier than you think. First, gather any information related to income and deductions for the tax years…

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