Newsletters

Bottom Line Bulletin June 2017

Seven Midyear Strategies for Individuals and Businesses While the climate for tax reform remains uncertain, individual taxpayers and small-business owners are advised to act based on the current laws of the land, unless there is a definite change. Keeping that in mind, here are seven ideas to consider as we head into summer. 1. Harvest capital


Bottom Line Bulletin May 2017

Tax Aspects of Refinancing a Home Mortgage Jeffrey Arnol, KOS Managing Partner jarnol@koscpa.com When thinking about refinancing your home mortgage, it is important to understand the tax rules regarding the deductibility of the interest you will pay, the points you may pay and other fees incurred in connection with the refinancing. Interest that you pay


Bottom Line Bulletin April 2017

Another Successful Peer Review for KOS As members of the American Institute of Certified Public Accountants (AICPA), our firm is required to have a peer review every three years. A peer review is an external review of our firm’s quality control system in accounting and auditing and is also known as the AICPA’s practice monitoring


Bottom Line Bulletin March 2017

Answers to Commonly Asked Questions About Roth and Traditional IRAs By: Diana Spatoulas, KOS Senior Accountant dspatoulas@koscpa.com Individual Retirement Accounts, or IRAs, play an important role in retirement planning. Part of the planning process includes determining whether a Roth IRA or Traditional IRA is best for you. Presented below is a list of commonly asked


Bottom Line Bulletin February 2017

Charitable Contribution Deductions Jeffrey Arnol, KOS Managing Partner jarnol@koscpa.com Most people are aware that contributions to qualified charitable organizations are deductible for tax purposes. That being said, it is important that everyone is knowledgeable about the substantiation requirements for both cash contributions as well as the rules that apply to contributions of non-cash property such


Announcements

Tax Opportunity for Renting out Your Vacation Home

If you own a vacation home that you and your family use personally, there is a unique tax window of opportunity for short-term rentals.  Generally, income that you receive for the rental of your vacation home must be reported on you federal income tax return.  However, if you rent out the property for only 14


IRS Offers Tips for Disaster Preparedness

IRS Special Edition Tax Tip 2017-08 In anticipation of the start of hurricane season, the IRS has released a number of tax tips, reminders and other advice to help taxpayers cope with natural disasters and similar emergencies. Although the IRS will often extend filing deadlines and generally offer emergency hot-line accessibility, the burden of substantiating


Facts and Figures

Timely Points of Particular Interest Luxury Car Limits—The deductions for vehicles used for business driving are limited by the so-called luxury car rules. The IRS, which indexes these limits annually, recently announced the maximum deductions allowed for vehicles placed in service in 2017. For passenger vehicles, the maximum deduction is $11,160, including 50% bonus depreciation.


Tap Your KOS Advisor’s Knowledge and Experience Throughout the Year

In addition to providing tax related services during filing season, the professionals at KOS are available throughout the year to offer assistance with tax planning and financial decision making.  Connecting regularly with your KOS Advisor can help you avoid tax and financial missteps, in addition to ensuring you are making the best decision at the


Seven Midyear Strategies for Individuals and Businesses

While the climate for tax reform remains uncertain, individual taxpayers and small-business owners are advised to act based on the current laws of the land, unless there is a definite change. Keeping that in mind, here are seven ideas to consider as we head into summer. 1. Harvest capital gains or losses. The maximum tax rate