Giving to our family, friends, church, and other charities is an important part of life. The gifts we give strongly reflect our values and what we deem to be important. Whom we give to is important to be sure, but how we go about giving may be just as important from a tax standpoint. The […]
As we approach spring, most of us are focused on filing our 2014 taxes. However, it is never too early to start planning for next year. For example, if you are an employee, you may have a better idea of how much money to withhold so you can avoid being stuck with a tax bill
Important Tax Law Changes for 2015 Read More »
A typical tax filing can be relatively simple if you are taking that standard deduction. However, a lot of taxpayers become confused if they do not have enough deductions to itemize but they want to deduct expenses for a home-based business. Here is a common scenario: Taxpayer A rents an apartment. But he also has
Can I Take a Standard Deduction and Still Write Off Business Expenses? Read More »
1099 filing deadlines are fast approaching. The IRS requires that you send a 1099 to any independent contractor you paid over $600 to during the 2014 tax year. The deadlines are as follows: January 31: All 1099s must be received by recipients. There are two exceptions; attorneys and substitute payments in lieu of dividends can
When Should You Send a 1099 to an LLC? Read More »
January is the start of tax filing season, and for small businesses, this means sending out their W2s and 1099s and getting all their paperwork and receipts together to send over to their accountant. There is another issue for entrepreneurs to consider at the beginning of each year; which entity structure is best for tax
LLC vs S Corp: Which Tax Filing is best for your Small Business? Read More »
Tax filing season is already here. And for individuals, this means that their returns are due by April 15. For businesses, however, certain deadlines are approaching much faster. For example, anyone with employees must send out a W2 (to each employee) by January 31. However, do not forget your contract workers; that is, people who
1099 Tax Filing Requirements for Contract Workers Read More »
As 2015 begins, the economy appears to be looking better across most industries. However, to ensure success in the New Year, it is important to make sure you have your finances and tax situation organized. Here is a quick checklist to help you start 2015 on the right foot. Assess your Goals: Before making any
New Year Tax Preparation To Do List for Businesses Read More »
Congress passed an omnibus-spending bill before leaving for Christmas that fully funded most of the government through September 2015, the end of the fiscal year. Nicknamed the “Cromnibus”, the bill did contain one continuing resolution (CR) component for the Department of Homeland Security, which received only a three-month extension. The Cromnibus was passed over heavy
Winners and Losers in the 2015 Federal Budget Read More »
Before leaving town for the year, Congress finally acted on a number of expiring provisions in the tax code. All in all, they passed 55 tax extenders retroactive to January 1, 2014. Some lawmakers wanted to make certain provisions permanent, but no agreement could be made to satisfy both parties. At the end of the
Congress Passes Tax Extenders for 2014 Read More »
On Friday November 7, 2014, the U.S. Supreme Court agreed to hear an appeal in a challenge to a portion of the Affordable Care Act of 2010. The challenge has to do with the tax subsidies received by residents in the 34 U.S. states which did not set up their own health care exchanges, opting
Supreme Court Taking Obamacare Subsidy Case Read More »
