Tax Tips Rent Share If taxpayers use one of the many online platforms to rent a spare bedroom, provide car rides or a number of other goods or services, they may be part of what is called the sharing economy. Here are several key points taxpayers should know about the sharing economy: 1. Taxes. Sharing […]
Tax Tips for the Sharing Economy Read More »
Are you thinking of retiring soon, or changing jobs? You may face a major financial decision: what to do about the funds in your retirement plan. Note: Take a Partial Withdrawal Partial withdrawals are withdrawals that aren’t rollovers, annuities, or lump sums. Because they are partial, the amount not withdrawn continues its tax shelter (see
Planning For Retirement: Withdrawals Read More »
Tax law allows you to deduct two types of travel expenses related to your business, local and what the IRS calls “away from home.” First, local travel expenses. You can deduct local transportation expenses incurred for business purposes such as the cost of getting from one location to another via public transportation, rental car, or
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Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. And, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running.
Five Things to know before Starting a Business Read More »
Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning and don’t even think about their taxes until it’s time to meet with their accountants once a year. But
Tax Planning for Small Business Owners Read More »
What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended tax return.
Filing an Amended Tax Return Read More »
If you adopt a child in 2017, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are ten things you should know about adoption tax benefits. 1. Credit or Exclusion. The credit is non-refundable.
Top Ten Facts about Adoption Tax Benefits Read More »
If you pay for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your adjusted gross income. Here are five
Business Expenses – Tips for Employees Read More »
April 18 was the deadline for most people to file their federal income tax return and pay any taxes they owe. The bad news is that if you missed the deadline (for whatever reason) you may be assessed penalties for both failing to file a tax return and for failing to pay taxes they owe
Late Filing and Late Payment Penalties Read More »
Business owners, as well as employees, often have questions about what to do with an employee’s home–and what the tax consequences might be–when he or she is moved to a new job location. Here are some answers. Employees Most employers want to protect the employee to be relocated against financial loss on a “forced” sale
Employee Relocation: What Happens to your Home? Read More »
