Recent News
26
Mar
You might benefit from deducting investment interest expense on your 2014 tax return
Investment interest - interest on debt used to buy assets held for investment, such as margin debt used to buy securities - generally is deductible for both regular tax and alternative minimum tax pur...
25
Mar
Yes, there’s still time to make a 2014 IRA contribution!
The deadline for 2014 IRA contributions is April 15, 2015. The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on Dec. 31, 2014). If you haven't alre...
18
Mar
Do you need to file a 2014 gift tax return by April 15?
Generally, you'll need to file a gift tax return for 2014 if, during the tax year, you made gifts: • That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to your U.S...
16
Mar
Taking advantage of tangible property safe harbors
If your business has made repairs to tangible property, such as buildings, machinery, equipment and vehicles, you may be eligible for a deduction on your 2014 income tax return. But you must make sure...
3
Mar
You might benefit from deducting investment interest expense on your 2014 tax return
Investment interest - interest on debt used to buy assets held for investment, such as margin debt used to buy securities - generally is deductible for both regular tax and alternative minimum tax pur...
25
Feb
Make sure you have proper substantiation for your 2014 donations
If you don't meet IRS substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating th...
22
Oct
Short-term ACA relief now available for midsize and large employers
Recently released IRS final regulations for the Affordable Care Act's (ACA's) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, t...
22
Oct
Are you meeting the ACA’s additional Medicare tax withholding requirements?
Under the Affordable Care Act (ACA), beginning in 2013, taxpayers with FICA wages over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) had to pay an additional...
16
Oct
Self-employed? Save more by setting up your own retirement plan
If you're self-employed, you may be able to set up a retirement plan that allows you to make much larger contributions than you could make as an employee. For example, the maximum 2014 employee contri...
7
Oct
Faw Casson Welcomes George Hufnagel, Jr
Faw Casson is pleased to welcome George J. Hufnagel, Jr., CPA to our Dover office. We are very excited to have him with us and to see our Faw Casson family continue to grow. With extensive knowledge ...
3
Oct
Important Alert for Former First National Bank of Wyoming Shareholders
TAX PLANNING ALERT FOR FORMER SHAREHOLDERS OF FIRST NATIONAL BANK OF WYOMING (FNBOW): Due to the recent merger with WSFS, all former FNBOW shareholders must soon elect how to exchange their shares for...
11
Aug
Delaware Research and Development Credit
On July 15, 2014 Governor Jack Markell signed HB 318, new legislation that allows Delaware's Research and Development Credit (R&D Credit) to be more accessible to small businesses in the first state. ...
4
Aug
Faw Casson Welcomes Two New Employees
Faw Casson is pleased to welcome two new associates to our growing team. Daniel Steele has joined us as a Staff Accountant and Luke Billings, CPA as a Supervisor in the Dover, Delaware office. Daniel...
31
Jul
Is a Roth IRA conversion right for you this year?
If you have a traditional IRA, you might benefit from converting some or all of it to a Roth IRA. A conversion can allow you to turn tax-deferred future growth into tax-free growth. It also can provid...
24
Jun
A Quick Fix for Workplace Problems
Even if you know you are "in the right," or you have been wronged by another party, it may not be in your best interest to pursue time-consuming legal action. One widely used method to resolve such is...
18
Jun
Ten Ideas for Better Brainstorming
Are you looking to boost your business income? Although brainstorming might lead to that "million dollar idea," it can also be a waste of time. Here are 10 ideas to improve productivity. 1. Choose a ...
4
Jun
Alison L. Houck Promoted to Partner
Faw Casson is excited to announce that Alison L. Houck, CPA has been promoted to Partner. Please join us in congratulating her. Alison is the Partner in charge of the Firm's Rehoboth office, and spec...
7
Apr
The Art of Delegating Work
'Nobody can do the job that has to be done as well as I can." This is a common refrain among small-business owners. Yet, it is impossible to be in all places at all times. Furthermore, if the business...
1
Apr
Can I claim my elderly parent as a dependent?
For you to deduct up to $3,900 on your 2013 tax return under the adult-dependent exemption, in most cases the parent must have less gross income for the tax year than the exemption amount. Generally S...
28
Mar
It’s not too late to make a 2013 contribution to an IRA
Tax-advantaged retirement plans allow your money to grow tax-deferred - or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can't be carri...
18
Mar
Your 2013 return may be your last chance for 2 depreciation-related breaks
If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks on your 2013 tax return: 1. Bonus depreciation. This additional first-year ...
4
Mar
Faw Casson Receives Highest Peer Review Rating
Faw Casson is pleased to announce we have again received the highest rating from the National Peer Review Committee of the American Institute of Certified Public Accountants (AICPA). The Firm has cons...
28
Feb
What to Expect When Filing Your 2013 Tax Return
Did you know that the government shutdown has had an impact on your tax return? Because the shutdown prevented the IRS from doing some of its standard tax season preparation, the filing season will be...
18
Feb
Short-term ACA relief now available for midsize and large employers
Recently released IRS final regulations for the Affordable Care Act's (ACA's) employer shared-responsibility provision provide some short-term relief for midsize and large employers. Under the ACA, t...
23
Jan
Will Congress revive expired tax breaks?
Many valuable tax breaks expired at the end of 2013. But Congress probably will revive at least some of them, likely retroactively to January 1, 2014. The question is exactly which breaks they'll exte...
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