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Tax document retention guidelines for small businesses

Tax document retention guidelines for small businesses

by Capocore Professonal Advisors | Apr 23, 2018 | Small Business Tax

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your...
Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

by Capocore Professonal Advisors | Apr 10, 2018 | Individual Tax Brief

The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or you may just be concerned about meeting the deadline...
You still have time to make 2017 IRA contributions

You still have time to make 2017 IRA contributions

by Capocore Professonal Advisors | Apr 3, 2018 | Individual Tax Brief

Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible...
Can you claim your elderly parent as a dependent on your tax return?

Can you claim your elderly parent as a dependent on your tax return?

by Capocore Professonal Advisors | Mar 27, 2018 | Individual Tax Brief

Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for...
What’s your mileage deduction?

What’s your mileage deduction?

by Capocore Professonal Advisors | Feb 27, 2018 | Individual Tax Brief

Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use a standard mileage rate to compute your deductions. For 2017, you might be able to deduct miles driven for business, medical,...
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Capocore Professional Advisors - 46 W. Shadbolt Ste A Lake Orion, Michigan 48362