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 [...]
Article Highlight: Auto Travel Capital Purchases Supplies Children’s Meals Business Use of the Home If you are a childcare provider, tax law provides you with special tax breaks, including deductions for travel, capital purchases, supplies, children’s meals and the business use of your home. This is fortunate and if you are a childcare provider or [...]
Article Highlights: Standard Mileage Rate Expenses Additional Deductible Expenses Auto Loan Interest Business owners often use the standard mileage rate instead of actual expenses when taking a deduction for the business use of their vehicle. The standard mileage rate is determined annually by the IRS by using data from a study conducted by an independent [...]
Article Highlights: Contribution Due Date Age Rules Compensation Rules When To Contribute Contribution Limits Deductibility & Benefits Saver’s Credit Choosing Between Traditional & Roth IRAs Blog: If you wish to make an IRA contribution for 2016, you still have time. Contributions can be made up to the unextended due date of your tax return, which [...]
Article Highlight: Financial Assistance for Health Insurance Federal Poverty Level Modified Adjusted Gross Income Household Income Gambling Income Children's Income Hobby Income IRA Contributions If you are getting your health insurance through a government Marketplace, you should be aware of several issues that can adversely affect the amount of financial assistance you receive to help [...]
February 2017 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 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in [...]
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 [...]
Along with Tax Season Come the Scams; Don’t Be a Victim Article Highlights: Tax Season Brings Scams Key ID Elements How the IRS Operates Email Scams & Phishing Phone Scams ID Thieves One thing we can count on when tax season begins is the scammers coming out from under their rocks with schemes to try [...]
Missed a 60-Day Rollover? There May Be Relief Article Highlights: 60-Day Rollover Requirements Financial Institution Error Private Letter Ruling Self-Certification Procedure Taxpayers can take a distribution from an IRA or other qualified retirement plan and if they roll it over (put it back) within 60 days they can avoid taxation on the distributed amount. (This [...]
