March highlights from The MWE Advisor newsletter include special tax breaks that seniors should consider when filing for 2016, tax reduction strategies for spouse-owned businesses, and the new Report of Foreign Bank and Financial Accounts (FBAR) deadline.
Seniors: Consider These Tax Breaks When Filing
There are some special tax breaks that can help “experienced” taxpayers reduce their federal income tax bills, including the bill for last year. Here are the details to help you decide if the tax-saving opportunities for itemized medical expenses and catch-up contributions to retirement accounts can work for you – and your senior friends and family members.
Spouse-Owned Businesses Tax Reduction Strategies
Do you and your spouse own an unincorporated business that’s treated as a partnership for tax purposes? If so – and it’s profitable – you may be paying more in self-employment (SE) tax than is necessary. Here are three ways that spouse-owned businesses may be able to lower their SE tax hit.
Remember the New FBAR Filing Deadline
Did you have an interest in (or authority over) a foreign financial account during 2016? If so, you’ll need to electronically file a form called the “Report of Foreign Bank and Financial Accounts” (FBAR). That form — which is due on April 18, 2017 — may be reviewed by IRS examiners as part of its efforts to unearth offshore tax evasion. Here’s an overview of how to comply with the IRS regulations on reporting foreign accounts.