Article Highlights: Joint & Several Liability Exemptions Itemizing Deductions Social Security Income Section 179 Deduction Special Passive Loss Allowance Traditional IRA Deduction Phase-Out Roth IRA Contribution Phase-Out Coverdell Education Accounts Education Tax Credits Higher Education Interest Education Exclusion for U.S. Savings Bond Interest Premium Tax Credit Earned Income Tax Credit Child Care Credit Halved Deductions [...]
Article Highlights: Affected Credits Retroactive Claims Disallowance Periods for Improper Credit Claims Preparer Due-Diligence Requirements 1098-T Requirement to Claim Education Credits Refunds from AOTC and CTC Returns Will Be Purposely Delayed In an effort to rein in tax fraud, which is costing the government billions of tax dollars, some new laws that take effect in [...]
QBO's tools are generic enough that myriad businesses can use it. But custom fields and classes help you shape it to meet your specific needs. Small business accounting is not a one-size-fits-all proposition but thankfully, business owners can visit different websites like this website here, or use different resources to manage their finances. After all, [...]
This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals are REQUIRED to file a tax return, and then there are times when it is to individuals' BENEFIT to file [...]
Article Highlights: Sec 179 Expensing Expensing Safe Harbor Per Item or Invoice First Year Bonus Depreciation Leasehold Improvements Businesses seeking to increase deductions by acquiring machinery and equipment before year-end have an impressive array of tools to work with: Generous, up to $500,000, expensing under IRC Sec. 179, A liberal, up to $2,500, expensing safe [...]
Article Highlights: Federal tax refund status can be checked online. E-file refunds are generally issued within 21 days of filing. Direct deposit provides the quickest refunds. If your 2016 federal return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My Refund?” is an [...]
Want your tax refund quicker? Don't wait around for a paper check. Have your federal (and state, if applicable) tax refund deposited directly into your bank account. Selecting Direct Deposit is a secure and convenient way to get your money into your pocket more rapidly. Even for taxpayers whose refunds will be delayed until after [...]
Many people dream of starting a small business. This is a dream that can become a reality, or-as happens to about 33% of prospective business owners, according to the Small Business Administration – it can result in dismal failure within two years. There's no magic-bullet solution to ensure a successful business, but if you don't [...]
March 2017 Individual Due Dates March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA [...]
