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 [...]
Article Highlights: Unintentional Penalties Underpayment of Estimated Tax and Withholding Late Payment Penalty Late Filing Penalty Negligence Penalty Dishonored Check Penalty Missing ID Number Penalty Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the impact they can have on their wallet. As tax [...]
Article Highlights: Trump’s Proposed Tax Policies Consolidated Tax Rates Increased Standard Deductions Comparison Worksheet Other Factors One topic that is frequently being discussed is what the future holds for individual taxation under incoming President Trump. Numerous blog entries have been posted on the issue; many proclaim that the wealthy will be the beneficiaries of Trump’s [...]
Article Highlights: Section 179 Expensing Bonus Depreciation Vehicle Depreciation New Filing Due Dates Work Opportunity Credit Research Credit Tax legislation passed late in December 2015 (the Protecting Americans from Tax Hikes Act) extended a number of favorable business provisions and made some others permanent. The provisions can have a significant impact on a business's taxes [...]
Starting up your business is an exciting time, but it is also a time with any questions. While it may seem initially very easy to create a product, open a store, and start selling, the financial aspects of being successful are a bit more challenging. As you consider the process of starting up, discovering a [...]
Article Highlights: 2017 Standard Mileage Rates Business, Charitable, Medical and Moving Rates Important Considerations for 2017 Switching Between the Actual Expense and the Standard Mileage Rate Methods Employer Reimbursements Special Allowances for SUVs As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2017 optional standard mileage rates used to calculate [...]
January 31 - 1099-MISCs Due to Service Providers & the IRS - The due date for mailing the recipient copy of the 1099 that reports 2016 payments is January 31, 2017. The copy that goes to the IRS is ALSO due January 31, 2017. If you are a business and paid $600 or more to individuals, [...]
Action May be Needed by Year-End Article Highlights: Tax Loss for a Security Sold or That Is Worthless Proving Worthlessness Selling a Worthless Stock by Year-end Brokers May Accommodate Clients Capital Loss Deduction If you are like most investors, you occasionally will pick a loser that declines in value. Sometimes, a security can even become [...]
Article Highlights: Actions You Can Still Take to Reduce Your 2016 Tax Bite Actions Must Be Completed Before the End of 2016 When Contributions by Check, Text-message or Pay-By-Phone Accounts Are Considered to Be Made Deductible Expenses Paid by Credit Card Are Deductible In The Year Charged Just a reminder that the last day you [...]
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 [...]
