lgtcpa

Dedicated to serving the middle market, Lane Gorman Trubitt, PLLC (LGT) represents a broad range of clients, from individuals to public companies, in a variety of industries. LGT offers traditional accounting, audit and tax services, as well as various other specialized professional services. In an effort to expand the services provided to valued clients, LGT has launched three affiliated companies, LGT Financial Advisors, LLC, LGT Insurance Services Inc. and LGT Retirement Plan Solutions.

Recent Posts

Tax Update: New filing deadlines

Posted by lgtcpa on Oct 5, 2016

Q: What are the new tax filing deadlines under the highway funding law?

A: In addition to providing continued funding for federal transportation projects, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 changes the due dates for several types of tax and information returns:

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Topics: Accounting Tips, Tax

Plan Now to Save on Taxes Later

Posted by lgtcpa on Sep 21, 2016

Even though tax filing time is far away, the fall is the perfect time to start your planning so you can take advantage of all opportunities to minimize your tax bill.

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Topics: Accounting Tips, Wealth Management, Tax, Retirement Plan Services

Tax Update: Passive activities and real estate

Posted by lgtcpa on Sep 7, 2016

If you’ve invested in a trade or business in which you don’t materially participate, remember the passive activity rules. Why? Passive activity income may be subject to the NIIT, and passive activity losses generally are deductible only against income from other passive activities. You can carry forward disallowed losses to the following year, subject to the same limits.

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Topics: Real Estate, Accounting Tips, Tax

Treasury Issues Proposed Regulations in an Effort to Remove “Minority Interest Discounts” when Valuing Family Businesses for Estate and Gift Tax Planning Purposes

Posted by lgtcpa on Aug 22, 2016

In recent years, when valuing a “less than a controlling interest” in a closely held company, a “minority interest discount” has been applied when gifting, or otherwise transferring such minority interest to a family member.

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Topics: Accounting Tips, Tax

Six-month Form 990 extension soon to be a reality

Posted by lgtcpa on Aug 4, 2016

Not-for-Profits ("NFPs") have received some welcome tax news from an unlikely source — the federal highway funding bill. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 modifies several due dates for tax returns, including the Form 990 annual information returns.

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Topics: Not-for-Profit, Tax

To save or defer tax, think about timing

Posted by lgtcpa on Jul 27, 2016

When it comes to tax planning, nothing is simple. For example, first you need to consider your marginal tax rate—this is the regular rate you'll pay on your next dollar of "ordinary income" (salary, business income, interest, and more).

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Topics: Accounting Tips, Tax

Tax Update: Investment Interest Expense

Posted by lgtcpa on Jul 13, 2016

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — is deductible for both regular tax and AMT purposes. But special rules apply.

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Topics: Accounting Tips, Tax

Wish You Had a Coach for Your New or Growing Business? We Can Help.

Posted by lgtcpa on Jun 28, 2016

Are you launching a business or product line? You may have relied on us for years for timely and personalized tax advice, but you may not be aware that we help business owners start and expand their companies every day with several types of services.

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Topics: Tax

2016 Individual Income Tax Rate Schedules

Posted by lgtcpa on Jun 27, 2016

Even though we are half-way through 2016, there is still plenty of time to make changes to your tax planning. Refer to the chart below for some key tax brackets and phaseout considerations.

Tax Rate

Regular Tax Brackets

 

Single

Head of household

Married filing jointly
or surviving spouse

Married filing separately

10%

$0 - $9,275

$0 - $13,250

$0 - $18,550

$0 - $9,275

15%

$9,276 - $37,650

$13,251 - $50,400

$18,551 - $75,300

$9,276 - $37,650

25%

$37,651 - $91,150

$50,401 - $130,150

$75,301 - $151,900

$37,651 - $75,950

28%

$91,151 - $190,150

$130,151 - $210,800

$151,901 - $231,450

$75,951 - $115,725

33%

$190,151 - $413,350

$210,801 - $413,350

$231,451 - $413,350

$115,726 - $206,675

35%

$413,351 - $415,050

$413,351 - $441,000

$413,351 - $466,950

$206,676 - $233,475

39.6%

Over $415,050

Over $441,000

Over $466,950

Over $233,475

 

Tax Rate

AMT Brackets

 

Single

Head of household

Married filing jointly
or surviving spouse

Married filing separately

26%

$0 - $186,300

$0 - $186,300

$0 - $186,300

$0 - $93,150

28%

Over $186,300

Over $186,300

Over $186,300

Over $93,150

 

AMT Exemptions

 

Single

Head of household

Married filing jointly
or surviving spouse

Married filing separately

Amount

$53,900

$53,900

$83,800

$41,900

Phaseout1

$119,700 - $335,300

$119,700 - $335,300

$159,700 - $494,900

$79,850 - $247,450

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Topics: Tax

2016 Tax Calendar - Upcoming Tax Due Dates

Posted by lgtcpa on Jun 14, 2016

Don’t be caught off guard! Keep these June 15th deadlines in mind for your respective filings.

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Topics: Tax