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 [...]
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 [...]
