2017 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January […]

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A brief overview of the President-elect’s tax plan for individuals

Now that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overhaul of the U.S. tax code next year is likely. President-elect Trump’s tax reform plan, released earlier this year, includes the following changes that would affect individuals: Reducing the number of income […]

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A quick look at the President-elect’s tax plan for businesses

Proposed Tax Changes

The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released earlier this year that would affect businesses include: Reducing the top corporate income tax rate from 35% to 15%, Abolishing the corporate alternative minimum tax, […]

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Last year for energy tax credit on windows

Energy Credit for Windows

A limited tax credit is still available for energy-savings items added to  your residence by December 31, 2016.  The credit is 10% of the cost of those items and is limited to $500.  Prior year credits reduce the $500 maximum.  Certain items are capped: No more than $50 for circulating fans, $150 for furnaces and […]

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Tax impact of investor vs. trader status

If you invest, whether you’re considered an investor or a trader can have a significant impact on your tax bill. Do you know the difference? Investors Most people who trade stocks are classified as investors for tax purposes. This means any net gains are treated as capital gains rather than ordinary income. That’s good if […]

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Happy Labor Day

All of us at BMC would like to wish everyone a happy Labor Day.  Thank you to all of you who put in a hard days work and keep our economy running, its what makes our nation great. God bless everyone – have a safe and restful weekend.

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3 mutual fund tax hazards to watch out for

Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. But if you hold such funds in taxable accounts, or are considering such investments, beware of these three tax hazards: High turnover rates. Mutual funds with high […]

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There’s still time for homeowners to save with green tax credits

Green Home Tax Credits

The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to save both energy and taxes by making these eco-friendly investments. What qualifies The credit is for expenses related to your […]

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