Many businesses hire part-time or full-time workers, especially in the summer. These types of employees are referred to as seasonal employees, which the IRS defines as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work include retail workers employed exclusively during holiday […]
Seasonal Employees and Taxes Read More »
Many parents are looking for ways to save for their child’s education. A 529 Plan through a Gilbert Tax Professional or accounting expert is an excellent way to do so. Thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents who wish to save for their child’s K-12
Saving for Education: 529 Plans Read More »
Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it’s often possible to raise the cash you need, but the downside is that the IRS might consider that money
Tax Implications of Crowdfunding Read More »
Some natural disasters are more common in the summer, but major events such as hurricanes, tornadoes and fires can strike at any time. It’s always a good idea to plan for what to do in case of a disaster. Here are some basic steps you can take right now to prepare: 1. Backup Records Electronically.
Five Tips for Safeguarding Your Records Read More »
Did you know that a name change could impact your taxes? Here’s what you need to know: 1. Report Name Changes. Did you get married and are now using your new spouse’s last name or hyphenate your last name? Did you divorce and go back to using your former last name? In either case, you
A Name Change Could Affect your Taxes 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
Employee Business Expenses Read More »
If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you’re in financial trouble, then here are some
Five Ways to Improve Your Financial Situation Read More »
Tax Return Identity Theft is Still a Problem: How to Prevent Tax Fraud Tax filing season is behind us, and you may have noticed that electronically filing your tax return this year required you to jump through a few more hoops. The IRS has taken measures to curb the rise of tax filing identity theft,
Tax Return Identity Theft is Still a Problem: How to Prevent Tax Fraud Read More »
The 2015 tax year has come and gone, and now is the time to prepare for 2016 taxes. One area that every taxpayers needs to address is making sure they have health insurance. This year, the penalties are set to increase significantly if you do not have a qualifying health plan. Under the Affordable Care Act of 2010 (a.k.a.
Health Insurance Tax Penalties for 2016 Read More »
The youngest of the Baby Boomers are celebrating their 50th birthdays this year and many are realizing that they have very little (if anything) set aside for retirement. Social Security is likely to still be there in 15-20 years, but in order for the system to remain solvent, it will require continual tweaking in the
It’s Never Too Late: Retirement Planning after 50 Read More »
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