Bigger Tax Rewards for Your Generosity - Special Tax Breaks for Gifts of Property

Facebook founder Mark Zuckerberg made news recently by promising to give away 99% of his net worth, including his Facebook shares, to charity. The arrangement takes advantage of a unique tax break for charitable gifts of appreciated property, such as stock.

Background: If you have held property long enough for it to qualify for a long-term capital gain if you had sold it—in other words, more than one year—you can deduct an amount equal to the property’s fair market value (FMV). On the other hand, if the property would not qualify for long-term capital gain treatment on a sale, your deduction is limited to your basis in the property, which is often its original cost.

Continue reading
1814 Hits
0 Comments

Ice Ice Baby!

TeamDKB spent a Friday night together at the Blue Cross Arena, joining a crowd of more than 7,000  to watch the Rochester Amerks play the Portland Pirates ending in a 2-1 overtime victory for our home team.

Continue reading
1526 Hits
0 Comments

Motivation and Passion for the Profession

I was asked recently to give an informal presentation to our team about the different aspects of the day to day work that I do and why I do it. This was a great opportunity for me to stop and reflect on the purpose of my career, the purpose of our firm, and the impact we have on peoples’ lives.

Continue reading
2186 Hits
0 Comments

Five Ways to Avoid 100% Penalty - Corporate Officers May Be Personally Liable

Frequently, someone in your company—it may be the president, vice president, treasurer or some other officer—will have assumed the duty of collecting and depositing federal payroll taxes. That person could be in for a rude awakening one day.
According to an onerous provision in the federal tax law, any person who willfully fails to deposit the required income tax withholding or employment taxes can be held personally liable for any unpaid taxes. This is one time when the corporate shield cannot protect an individual.

Continue reading
4832 Hits
0 Comments

Five Year End Tax Ideas for Businesses - Top Strategies for Small-Business Owners

Don’t think that year-end tax planning is strictly limited to individuals. A calendar-year business can also keep taxes for 2015 to the bare minimum with some astute planning at the end of the year. Here are five techniques for consideration by small-business owners.

Continue reading
3600 Hits
0 Comments