More than 50 tax provisions, including the tax rate schedules and other tax changes are adjusted for inflation in 2017. Let’s take a look at the ones most likely to affect taxpayers like you. The tax rate of 39.6 percent affects singles whose income exceeds $418,400 ($470,700 for married taxpayers filing a joint return), up […]
Tax Brackets, Deductions, and Exemptions for 2017 Read More »
Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are seven tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and you do not itemize your deductions, you
Tax Tips for Older Americans Read More »
Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Not quite. You can’t let your business run on autopilot and expect good results. Any business owner knows you need to make numerous adjustments along the way – decisions
Ensuring Financial Success for Your Business Read More »
When preparing for your business taxes it is always important to stay on top of the current changes, here are a few. Standard Mileage Rates The rate for business miles driven is 53.5 cents per mile for 2017, down from 54 cents per mile in 2016. Section 179 Expensing The Section 179 expense deduction was
2017 Tax Changes Checklist for Businesses Read More »
Individuals – Tax Credits Adoption Credit In 2017, a non-refundable (only those individuals with tax liability will benefit) credit of up to $13,570 is available for qualified adoption expenses for each eligible child. Earned Income Tax Credit For tax year 2017, the maximum earned income tax credit (EITC) for low and moderate income workers and
Tax Changes for 2017: A Checklist Part 2 Read More »
Welcome, 2017! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2017 is no different. From health savings accounts to tax rate schedules and standard deductions, here’s a checklist of tax changes to help you plan the year ahead. Individuals For 2017, more
Tax Changes for 2017: A Checklist Part 1 Read More »
According to the IRS, families that pay domestic workers and meet a certain income threshold are considered employers. This has become an issue in the past for public figures that run for office or are appointed to a high-level cabinet position. One of the best-known examples was Zoe Baird, President Bill Clinton’s 1993 nominee for
Is Your Family Subject to the Nanny Tax? Read More »
The 2017 tax filing season will be a challenging one for businesses and their CPAs. On top of the new Affordable Care Act (ACA) compliance requirements, the IRS has condensed its schedule and deadlines for filing W2s and certain types of 1099s for employees and independent contractors. These filing deadlines will now be moved up
New W2 and 1099 IRS Filing Deadlines for 2017 Read More »
Alternate Minimum Tax The Alternative Minimum Tax (AMT) exemption “patch,” which was made permanent by the American Taxpayer Relief Act (ATRA) of 2012, is indexed for inflation and it’s important not to overlook the effect of any year-end planning moves on the AMT for 2016 and 2017. Items that may affect AMT include deductions for
Year End Tax Planning Tip #5 Read More »
Last May, the Department of Labor unveiled new overtime rules lowering the threshold for white collar employees to be eligible to receive time and a half for working over 40 hours in a week. These changes are set to take effect December 1, which is now only a couple months away. What are the New
Preparing Businesses for the New Overtime Rules Read More »
