Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make the deduction less beneficial than you might think. Your investment interest deduction is limited...

If you don’t meet IRS substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value of any such goods or services. If you...

The S corporation is a popular business structure that’s available only to privately held businesses. In fact, approximately 44 percent of small employer firms — generally defined as companies with fewer than 500 employees — have elected to operate as S corporations, according to the U.S. Small Business Administration’s Office of Advocacy. (By comparison, only 22...

The Employer Shared Responsibility for Employee Health Insurance Coverage affects large employers starting in 2015 due to the health care reform law commonly referred to as Obama Care. This provision was included as a disincentive for large employers considering dropping their current insurance plans once the insurance exchanges began operating as an alternative source of...

Tax season is finally here. The deadline for calendar-year corporations to file a return (or an extension) is Monday, March 16. The deadline for individuals to file their income tax returns (or an extension) is Wednesday, April 15. As businesses and individuals start gathering financial records to give to their tax professionals, they should know how...

The following table provides some important federal tax information for 2015, as compared with 2014. Some of the dollar amounts changed due to inflation. Other amounts changed due to legislation. Social Security/ Medicare 2015 2014 Social Security Tax Wage Base $118,500 $117,000 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2%...