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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Streamline your sales staff’s workflow

Do you know how much time your salespeople spend actually selling? In many cases, sales reps spend too much time doing reporting, administrative tasks and other nonsales responsibilities assigned to them. If you can streamline your sales staff’s workflow to keep them better focused on selling, your profitability may benefit. Emphasize strengths To get started, […]

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Stock market volatility can cut tax on a Roth IRA conversion

Roth IRA

This year’s stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity: It can allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional IRAs Contributions to a traditional IRA may be deductible, depending on your modified adjusted […]

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