Congress has once again extended the "extenders," a varied assortment of more than 50 individual and business tax deductions, tax credits, and other tax-saving laws which have been on the books for years but which technically are temporary because they have a specific end date. This package of tax breaks has repeatedly been temporarily extended [...]
February 2016 Individual Due Dates February 1 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 1 - File 2015 Return to Avoid Penalty for Not Making 4th Quarter Estimated Payment If you file your prior year’s [...]
Household Help: Employee or Contractor? Article Highlights: • Household Employee Definition • Employee Control Factors • Self-employed or Employee • Withholding Requirements • Reporting Requirements Frequently taxpayers will hire an individual or firm to provide services at the taxpayer's home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at [...]
As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (or a van, pickup [...]
If you operate a business and engage the services of an individual (independent contractor) other than one who meets the definition of an employee and you pay him or her $600 or more for the calendar year, you are required to issue him or her a Form 1099 at the end of the year to [...]
January 4 - Time to Call for Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you do so before the calendar becomes too crowded. If you are an employee who works for tips and received more than $20 [...]
