Small business owners must remain alert It seems to be in the news every other day: A trusted longtime employee is found guilty of embezzling money from his or her employer. This may give you momentary pause, but then it is likely that you will simply continue to go about your business. After all, this [...]
As we near the end of tax filing season, you might be looking to increase the number of itemized deductions you can use to offset highly taxed ordinary income. What about the grab bag of expenses known as miscellaneous expenses? If you qualify, you might be able to deduct a portion of those expenses on [...]
Did you use your vehicle for business driving in 2016? Generally, you can deduct expenses on your tax return in one of two ways: the actual expense method or the IRS-approved standard mileage rate. Here is a brief comparison: Actual expense method: As the name implies, you can deduct actual expenses attributable to business use [...]
How to maximize the tax benefits The summer rental season is about to kick off. If you own a vacation home in a resort area that you rent out while your family is not using it, you may be in line for valuable tax deductions. In fact, you might even qualify for a tax loss [...]
Are you pulling your hair out right now trying to figure out a tax deduction from a credit? Or worse, do I need file a separate business tax form for your new LLC? According to a recent NerdWallet survey, you are not alone. Out of eight questions about IRS rules for common deductions, retirement, and [...]
People are living longer these days than they did five, 10 or 20 years ago. Of course, that is good news, but it also means that you may have to provide a bigger cushion in retirement than you had initially intended. What’s more, uncertainty over future Social Security benefits as baby boomers continue to swell [...]
Tax return benefits for the family Are you entitled to personal and dependency exemptions on your tax return? It might be the last year you can claim the exemption for someone—say, a child graduating from college—or exemptions may be eliminated altogether by tax reforms that could be coming in conjunction with proposed rate cuts. At [...]
Generally, amounts left over in a flexible spending account (FSA) for health care or dependent care expenses are forfeited at the end of the year. But some companies allow a 2½-month “grace period.” The grace period for FSAs in 2016 ends on March 15, 2017. If possible, empty out your FSAs by then. [...]
The IRS, the nation’s tax collection agency, has identified a select group of four private contractors that will begin collecting federal tax debts during the 2016 tax return filing season. Background: Under the Fixing America’s Surface Transportation (FAST) Act of 2015, a highway spending measure, the IRS can assign private companies to collect taxes on [...]
Employers are reminded that on November 14, 2016, the U.S. Citizenship and Immigration Services (USCIS) released an updated version of Form I-9, Employment Eligibility Verification. Employers were required to begin use of the revised Form I-9 on January 22, 2017. Employers that fail to use Form I-9 (rev. 11/14/2016) on or after January 22, [...]