Do you operate a business out of your home? It could be your main line of work, and your only source of business income, or just a sideline activity. Depending on your circumstances, you may be entitled to a generous tax deduction for this “home office” on your 2016 tax return. However, the rules [...]
Unexpected tax liability for retirees Of course, taxes are a major concern when you work full time for a living. Unfortunately, you may also have to pay federal income tax on a portion of the Social Security benefits you receive during the year—even though you’ve paid Social Security tax all the years you have [...]
Made in Alabama products topped $20.6 billion – that’s TWENTY BILLION with a B – in 2016. That represents a 6.4% increase over 2015 numbers, per the US Department of Commerce. The previous high water mark was $19.6B back in 2012. Made in Alabama Alabama exports have risen 48% in the last ten years [...]
Early last year we discussed the ABLE Accounts as a potential option for Alabama families. By December, the state of Alabama instituted the program, per State Treasurer Young Boozer, with a contract with the state of Nebraska. The Alabama plan will be known as Enable Savings Plan Alabama, and more information can be found at www.enableAL.com. [...]
The IRS pays close attention to deductions claimed for business travel expenses. Both employers and employees must meet strict recordkeeping requirements or face the consequences. Fortunately, you can obtain some relief by using IRS-approved per diem allowances in lieu of accounting for every expense. Now the IRS has updated its per diem rates for [...]
Moving Truck Are you planning a move in the near future? Be aware of special tax rules for deducting moving expenses on your personal tax return. In some cases, moving expenses are fully or partially deductible, while other times they are not. Background: You may deduct moving expenses only if you switch [...]
It is now 2017. Do you know where your business budget is? This is the traditional time to draw up a budget for the coming year. Perhaps the way you previously developed the budget for your business has not been overly successful. Or maybe you have found as the year goes along that certain key [...]
The IRS has renewed its warning about an email scam that targets payroll and human resources departments. The scam involves a spoofing email in which a company's CEO apparently requests a list of employees and information including social security numbers or copies of their Form W-2. The scam, which first appeared last year, is [...]
Lynn Osborn JMF Shareholder JamisonMoneyFarmer PC is pleased to announce that Lynn M. Osborn, CPA has been admitted as shareholder in the firm effective January 1, 2017. Managing Shareholder Scott Goldsmith of JamisonMoneyFarmer PC (“JMF”) is pleased to announce the promotion of Lynn M. Osborn as shareholder. Lynn joins 14 other shareholders at [...]
The penalty for failing to complete an IRA or a plan rollover in time can be severe. Unless you obtain a waiver from the IRS, the transfer is treated as a taxable distribution even if the failure is inadvertent. However, a new ruling provides some taxpayers with relief. Background: If you take a withdrawal from [...]