With Veterans Day approaching, we wanted to dedicate this month’s blog post to our military men and women. We salute and honor you this month and thank you for your sacrifice. Whether it be sacrificing time with your family, or putting yourself at risk, BASC Expertise wants you to know that we are thankful for […]
Taxes for Military Personnel Read More »
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 »
If you’re thinking about hiring new employees this this year you won’t want to miss out on tax and Payroll tax deduction breaks available to businesses with employees. 1. Payroll Tax Deduction for Startups As part of the Research & Development Tax Credit, for tax years 2016 and beyond, startup businesses (C-corps and S-corps) with
Top 6 Tax Breaks for Businesses Hiring New Employees 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 »
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 »
Fall is upon us and the start of a new school year is imminent. And with school comes the added expenses for clothing, supplies; and for college students, tuition, room and board and related expenses. Fortunately, there are some ways in the tax code to save money on expenses for the 2016-2017 school year. Here
Helpful Back to School Tax Tips 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 »
For all taxpayers, getting audited by the IRS is a scary process. When an agency with virtually unlimited power wants to know about your finances, it is understandable that people get nervous. The truth is, the majority of audits are done by mail, these are referred to as “correspondence audits”, and they are usually not
What Happens at an IRS Audit? Read More »
The IRS announced that it will close a loophole that previously allowed employers to offer lower cost health plans that exclude coverage for physician services, inpatient hospitalization (or both). These plans are classified as “substandard” under the Affordable Care Act of 2010. Such plans currently qualify as “minimum value” plans, which employers are allowed to
IRS Closing “Substandard” Plan Loophole for Obamacare Read More »
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