Tax & Strategic Planning
Understanding both individual and corporate tax practice is what the accountants at John Kiley CPA, LLC do best. We pride ourselves on the ability to clearly communicate with our clients to help them navigate not only tax season, but their financial futures as a whole.
We believe that every client deserves financial freedom and to understand which tax strategies are most rewarding for their unique situations. That is why we strive every day to provide our clients with the best customer service available and to never allow a prerecording to do the job for us.
In general, points a BUYER pays in a home sale are a tax-deductible interest expense. But what about SELLER-paid points?
There are two special taxes that may have a significant effect on the tax bills of high-income folks: the 3.8% net investment income tax and a 0.9% additional Medicare tax on wage and self-employment income. Here are the basic rules.
If you’re interested in purchasing energy-saving property for your home or an electric vehicle, you may qualify for a tax break under the new Inflation Reduction Act. Here are the basic rules.
If you run a one-person small business, you might be able to build a bigger retirement nest egg with a solo 401(k) plan. Here are the basic rules.
In some cases, a married couple files a joint tax return and one spouse is unaware of all the income of the other spouse. The spouse who is in the dark still must generally pay the tax bill even if the couple divorces. But there may be “innocent spouse” relief.
Self-employed taxpayers generally must make quarterly estimated tax payments. But even if you’re not self-employed, you may have to make them to avoid a penalty if you don’t have enough federal tax withheld. Here are the rules.
A big tax bill (or a large refund) may mean you don’t have the proper amount of tax withheld from your paycheck. Here’s how to make sure that doesn’t happen next year.
You don’t have to be a large business to benefit from tax breaks. Here are 3 ways that eligible small businesses can save on taxes.
Do your children have investment income? They may owe “kiddie tax.” Here are the basic rules.