Throughout the year life happens and things go unchecked all the time. Especially when it comes to updating your employer about your filing status for taxes when a life event happens. However, understanding what filing status you should be claiming is where you should first start. There are hundreds of questions when it comes […]
Knowing Your Filing Status Going Into 2020 Read More »
Social security benefits include monthly retirement, survivor, and disability benefits. If you received Social security benefits in 2016, you should receive a Form SSA-1099, Social Security Benefit Statement, showing the amount. Note: Supplemental Security Income (SSI) payments are not taxable. If Social Security was your only source of income in 2016 your benefits might not be
Are your Social Security Benefits Taxable? Read More »
Confused about which credits and deductions you can claim on your 2016 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook. 1. State Sales and Income Taxes Thanks to the PATH ACT of 2015, taxpayers filing their 2016 returns can deduct either state income tax paid or state
Six Overlooked Tax Breaks for Individuals Read More »
Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS here’s what to do: Don’t panic. You can usually deal with a notice simply by responding to it. Most IRS notices are about federal tax returns or tax accounts. Each notice
What to do if you get a letter from the IRS . . . Read More »
Although we are in the middle of the 2014 tax filing season, it is never too early for businesses to plan their tax strategies for the coming year. Overall, most of the same business tax deductions will still be available; including home office (if you qualify), advertising and promotion, auto expenses, travel, equipment and many
Important Small Business Tax Changes 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 »
Preparation is crucial for all businesses. Preparation can help minimize stress and anxiety when dealing with your business taxes. Anyone who has ever been involved with the Boy Scouts knows that the motto of the organization is “be prepared.” Preparation, however, is more than just a good motto. It is also a virtue to live
When it comes to Tax Planning, Preparation is Critical Read More »
Everyone knows that payroll reports, W-2s, and most 1099s all needed to be mailed off by January 31st, but you are not done yet. No, there is still more to do and February is where it all gets wrapped up. You did the work and filled out all the W-2s. Good job . . .
Common Mistakes Made on Form W-3 Read More »
It is estimated that there are more than eight million individuals claiming the independent contractor status for tax filing and of those, close to 90% are not paying the correct amount of taxes according to the IRS.
Protect Yourself From IRS Fines: Independent Contractor Versus Employee Differentiations Read More »
Payroll outsourcing, many entrepreneurs find, is a bottom-line money-saver; the main reason for this is the myriad rules, regulations and filing deadlines that are associated with payroll functions and the time it takes to learn, understand and apply them. The outsourcing of payroll will also save the business owner both time and money and both
Why You Should Consider Outsourcing Your Payroll Read More »
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