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Kerkering Barberio
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You probably know that miles driven for business can be deductible. But did you know you may be able to deduct miles driven for other purposes?

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Special planning is required if you wish to pass your IRA on to nonspouse beneficiaries, such as your children, while preserving the tax benefits of the account.

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If you made gifts to loved ones in 2016, a gift tax return may be required (or recommended). Not filing (and paying tax due, if any) could result in interest, penalties, or even unnecessary tax liability.

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Got incentive stock options? Then you need to understand their tax treatment. There might be reporting requirements on your 2016 return, and proper planning may save tax in the future.

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The Section 199 deduction is often referred to as the “manufacturers’ deduction” because it’s intended to encourage domestic manufacturing. But construction, engineering, architecture, computer software production and agricultural processing businesses also may be eligible. The deduction is 9% of the lesser of qualified production activities income or taxable income, limited to 50% of W-2 wages that are allocable to domestic production gross receipts. Contact us to learn whether you can save tax with this deduction when you file your 2016 return.

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Are you aware of strategies that can be implemented after your death to achieve your estate planning goals? Here’s why such strategies are important, especially now, and two strategies to consider.

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Will the investment interest expense deduction save you tax? Perhaps not, or not much, if you invest in municipal bonds or your investment income is mostly long-term capital gains and qualified dividends.

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If you live in a locale with no or low income taxes or you purchased a major item (such as a car or boat) in 2016, you might save more tax by deducting state and local sales taxes in lieu of state and local income taxes. You don’t have to have receipts documenting all of the sales tax you actually paid during the year. Your deduction can be determined using an IRS sales tax calculator that will base the deduction on your income and the sales tax rates in your locale plus the tax you actually paid on certain major purchases. Contact us for more details.

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The executor’s role is critical to the administration of an estate and the achievement of estate planning objectives. Your first instinct may be to name a trusted family member as executor (also referred to as a personal representative). However, that might not be the best choice if he or she lacks the skills to handle the job. An alternative is to name an advisor, such as an accountant or lawyer, as executor. Another option is to appoint an advisor and a family member as co-executors. We can help you decide who would best serve as your estate’s executor.
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