June 3, 2016
Are interest expenses deductible? The answer is a complicated “yes and no.” Essentially, it depends on the type of interest expense incurred. Although there are technically other types, interest expenses can be lumped into four main baskets for tax purposes.
May 9, 2016
Don’t be fooled into thinking that cash flow and profit are the same thing. In fact, there are major differences. Cash flow is dynamic and moves daily, while profit is a snapshot of income and expenses at a specific point in time. Understanding this comparison, and acting upon it, can be significant for a small-business operation.
April 22, 2016
In this election year, one of the most important decisions will be made on your 2015 tax return. You must determine whether it is better to deduct state and local income taxes paid last year or to claim a deduction for state and local sales taxes. What’s at stake? Tax dollars.
April 11, 2016
In this day and age, it is not unusual for a spouse, children and grandchildren from a second or even third marriage to form a so-called blended family. But these additions to the clan can complicate estate planning. Keeping that in mind, the following tools may be useful for blended families:
March 29, 2016
The IRS has announced the standard mileage rates that may be used in 2016 instead of deducting actual expenses.
March 15, 2016
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.
March 7, 2016
DKB is honored to be nominated for the Rochester Business Journal’s 2016 Best of the Web Award in the Banking and Financial Services Category!
February 12, 2016
Now that the holidays are over, another event that is looming on the horizon may not be a cause for celebration: filing your tax return. Nevertheless, you can relieve some of the stress by having your return professionally prepared. There still is a little “work” required on your part, but it should not take much time or effort. Here are seven steps to guide you along the way.
Taxes and Identity Theft Risk – What you need to know to protect yourself during this vulnerable timeFebruary 1, 2016
The trust we put in software, coupled with our fears of getting in trouble with the IRS has become the perfect storm for those who wish to steal your identity. What follows are some tips for protecting yourself in this electronic world.
January 22, 2016
No one can predict with any great certainty the financial outlook for 2016, especially with the national elections looming in November. Nevertheless, here are 10 top money management moves that make sense for the rest of this year.