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So far Jake Lincoln has created 122 blog entries.

Tax Breaks for Hiring Your Children in Your Family Business

With school vacation time just around the corner and employees heading out for summer vacations, you might consider hiring your children to help out in your business. Financially, it makes more sense to keep the family employed rather than hiring strangers, provided, of course, that the family member is suitable for the job. Rather than [...]

By | 2016-11-23T22:45:40+00:00 June 15th, 2016|Categories: Uncategorized|0 Comments

Solar Tax Credits – Before You Take the Leap

When you see those TV ads for home solar power, you may get the impression that Uncle Sam is going to pick up 30% of your cost and you only have to come up with the other 70%. That is not necessarily the whole picture. True, the federal government has a 30% tax credit for [...]

By | 2016-06-06T21:28:38+00:00 June 6th, 2016|Categories: Uncategorized|0 Comments

June 2016 Individual Due Dates

June 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 10. Your employer is required to withhold FICA taxes and income tax withholding [...]

By | 2016-11-23T22:45:40+00:00 June 2nd, 2016|Categories: Uncategorized|0 Comments

Employers, Don’t Miss the Work Opportunity Tax Credit

Through 2019, employers who hire individuals from targeted groups are qualified to claim the work opportunity tax credit (WOTC). The credit is elective, and if claimed it reduces the employer's wage deduction dollar for dollar. The credit is a percentage of the employee’s first-year wages, generally up to $6,000 per eligible employee, paid during the [...]

By | 2016-05-27T23:46:06+00:00 May 27th, 2016|Categories: Uncategorized|0 Comments

Big Business Write-Offs Available

With the enactment of the Protecting Americans from Tax Hikes (PATH) Act, Congress made two significant business-friendly changes in the tax law, extending bonus depreciation and making the Section 179 deduction’s higher expensing amount permanent. This article examines these changes so that you can take full advantage of them in your trade or business. Section [...]

By | 2016-11-23T22:45:40+00:00 May 20th, 2016|Categories: Uncategorized|0 Comments

Oops, Did You Forget Something on a Tax Return?

If you have already filed your tax return and overlooked an item of income or forgot to claim a deduction or credit, it is not too late! An amended return can be filed to correct an already filed tax return. Failing to report an item of income will most certainly generate an IRS inquiry, which [...]

By | 2016-05-17T23:19:40+00:00 May 17th, 2016|Categories: Uncategorized|0 Comments

Time-Share Use as a Charitable Contribution

If you have ever attended a charity auction, it is not uncommon to see a week’s use of a time-share included in the items donated for auction. The time-share owners who donate these weeks generally do so in anticipation of being able to take charitable donation deduction on their tax returns. How does one determine [...]

May 2016 Individual Due Dates

May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10th. Your employer is required to withhold FICA taxes and income tax withholding [...]

Are You Caring for a Disabled Family Member?

Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing homes, but doing this can be expensive, time-consuming, and exhausting. The government also recognizes home care as a means of reducing the government’s costs in terms of caring for individuals who otherwise would be [...]

By | 2016-11-23T22:45:40+00:00 April 25th, 2016|Categories: Uncategorized|0 Comments