Small businesses often struggle to make ends meet. In today’s economy, every dollar counts and entrepreneurs need to find any way possible to enhance their bottom line. Fortunately, business owners have numerous available tax deductions to help reduce their overall liability. Some deductions, however, go unclaimed because owners are afraid of raising a red flag […]
5 Commonly Overlooked Small Business Tax Deductions Read More »
Despite a flurry of last minute tax extenders passed in the December 2015 federal omnibus spending bill, the IRS opened tax filing season as planned on January 19. This means that the IRS is now accepting both electronic and paper tax returns as of that date. The tax filing deadline is a little different this
Tax Filing Deadlines for 2016 Read More »
Shortly after we usher in the New Year, we begin another (not so celebratory) season; tax filing. This year, the IRS officially began accepting paper and electronic 2015 tax returns on January 19. Though there have been no radical changes to the tax code in recent years, there are some things to be aware of
6 Things to Keep in Mind When Filing Your 2015 Taxes Read More »
Tax filing season is upon us, and it is time to gather all your paperwork and organize it so you are ready to (hopefully) file well ahead of the deadline. When you file your return this year, you will not see any major changes to the tax code, but there are some adjustments you should
6 Important Tax Changes for 2015 Read More »
The end of 2015 brought several gifts from Congress and the President to businesses of all sizes. The 2000 plus page bipartisan budget agreement is full of tax breaks to help businesses in the coming years. Many of these provisions were already on the books, but were about to expire at the end of this
Businesses Receive Numerous Tax Breaks in 2015 Budget Deal Read More »
Congress and the President recently agreed on a budget bill that keeps the government operating through the end of September 2016. The $1.1 trillion spending package is over 2000 pages long and includes a number of provisions that were priorities for both sides. Along with increases in domestic and defense spending and eliminating a four
Tax Changes in December 2015 Budget Deal Read More »
The IRS recently announced cost of living (COLA) inflation adjustments for over 50 tax provisions, which include pension plans, tax rate schedules and other changes. Because food and fuel are no longer factored into the calculation, the inflation rate is still relatively low, triggering only minor COLA adjustments, with some areas of the tax code
IRS Announces Cost of Living Adjustments for 2016 Tax Year Read More »
If you own a small business, it is likely one of your biggest (if not your biggest) asset. If you are thinking about selling your business, you need to put a lot of thought and pre-planning into the endeavor to ensure a smooth and successful transaction. There are numerous variables involved with a business sale
Important Considerations When Selling a Small Business Read More »
A provision of the Affordable Care Act of 2010 (A.K.A Obamacare) affecting employers with 50 or more full-time employees goes into effect in 2015 and must be reported during the 2016 tax filing season. The IRS is requiring “applicable large employers” to report information on the health coverage they offered (or failed to offer) to
ACA Reporting for Applicable Employers Begins This Year Read More »
Most of the components of the Affordable Care Act of 2010 have now been implemented. And the one that is pertinent to almost every American is the individual mandate to purchase a health insurance plan or pay a penalty. 2014 is the first tax year for which penalties will be collected. For those who did
Affordable Care Act Penalties Increase Annually Read More »
