Hide

Our News Categories

Business Strategies

  • Tax Tips for Starting a Business When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules but also about payroll tax rules. Here are five tax tips that can help you get your business off to a good start. 1. Business Structure. An ... Continue Reading
  • Reminder to Home-Based Businesses: Simplified Option for Claiming Home Office Deduction Now Available; May Deduct up to $1,500 This year for the first time they can choose a new simplified option for claiming the deduction for business use of a home. In tax year 2011, the most recent year for which figures are available, some 3.3 million taxpayers claimed deductions for business use of a home ... Continue Reading

Business Tips

  • Five Facts about the Small Business Health Care Tax Credit If you are a small employer, there is a tax credit that can put money in your pocket. The small business health care tax credit benefits employers that: offer coverage through the small business health options program, also known as the SHOP marketplace have fewer than 25 ... Continue Reading
  • Tax Tips for Starting a Business When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules but also about payroll tax rules. Here are five tax tips that can help you get your business off to a good start. 1. Business Structure. An ... Continue Reading

Finance

  • Health Insurance: You May Qualify For a Special Enrollment Period You may qualify for a Special Enrollment Period if you or anyone in your household experienced these changes within the past 60 days : Did you get married? Pick a plan by the last day of the month and your coverage can start the first day of the next month. Have you had a ... Continue Reading
  • More Time to Contribute to IRAs in 2012 You have two extra days this year to make contributions to your Individual Retirement Arrangements. That’s because April 15 falls on a weekend and Emancipation Day, a legal holiday in the District of Columbia, will be observed on Monday, April 16. That means the due date for ... Continue Reading

Financial Planning

  • It's Not Too Late to Make Retirement Account Contributions If you haven’t already funded your retirement account for 2016, you may still do so. You have until April 17, 2017 for contributions to a traditional IRA, deductible or not, and to a Roth IRA. Your total contributions to all your traditional and Roth IRAs can’t be more than ... Continue Reading
  • Now is a Good Time to Plan for Next Year’s Taxes You may be tempted to forget about your taxes once you’ve filed but some tax planning done now may benefit you later. Now is a good time to set up a system so you can keep your tax records safe and easy to find. Here are some tips to give you a leg up on next year’s taxes: ... Continue Reading
  • How much you’ll pay if you don’t have health insurance If you can afford health insurance but choose not to buy it, you must pay a fee called the individual shared responsibility payment. (The fee is sometimes called the “penalty,” “fine,” or “individual mandate.”) You owe the fee for any month you, your spouse, or your tax ... Continue Reading
  • Tax Tips for Starting a Business When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules but also about payroll tax rules. Here are five tax tips that can help you get your business off to a good start. 1. Business Structure. An ... Continue Reading

Financial Tips

  • Health Insurance: You May Qualify For a Special Enrollment Period You may qualify for a Special Enrollment Period if you or anyone in your household experienced these changes within the past 60 days : Did you get married? Pick a plan by the last day of the month and your coverage can start the first day of the next month. Have you had a ... Continue Reading
  • How much you’ll pay if you don’t have health insurance If you can afford health insurance but choose not to buy it, you must pay a fee called the individual shared responsibility payment. (The fee is sometimes called the “penalty,” “fine,” or “individual mandate.”) You owe the fee for any month you, your spouse, or your tax ... Continue Reading
  • Upcoming Tax Deadlines March Tu 15 Corporations: File Form 1120 for calendar year and pay any tax due. For automatic 6-month extension, file Form 7004 and deposit estimated tax. Tu 15 S Corporations: File Form 1120S for calendar year and pay any tax due. Furnish a copy of Sch. K-1 to each ... Continue Reading
  • Tax Tips for Starting a Business When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules but also about payroll tax rules. Here are five tax tips that can help you get your business off to a good start. 1. Business Structure. An ... Continue Reading

IRS

  • Avoid Phishing and Malware to Protect Your Personal Data “Update your account now.” “You just won a cruise!” “The IRS has a refund waiting for you.” In the cyber world of phishing, the sentences are “bait” – lures from emails, telephone calls and texts all designed to separate you from your cash, your passwords, your social ... Continue Reading
  • For Small Businesses: IRS Raises Tangible Property Expensing Threshold to $2,500; Simplifies Filing and Recordkeeping The Internal Revenue Service has simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable ... Continue Reading
  • IRS Warns Taxpayers to Guard Against New Tricks by Scam Artists Following the emergence of new variations of widespread tax scams, the Internal Revenue Service has issued another warning to taxpayers to remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to trick people. These ... Continue Reading
  • IRS Statement on the "Get Transcript" Application The IRS announced May 27th, 2015 it will be notifying taxpayers after third parties gained unauthorized access to information on about 100,000 accounts through the “Get Transcript” online application. The IRS determined that unusual activity had taken place on the ... Continue Reading

IRS Problems

  • New Variations on Phishing Schemes The IRS continues to see a steady stream of new and evolving phishing schemes as criminals work to victimize taxpayers throughout the year. Whether through legitimate-looking emails with fake, but convincing website landing pages, or social media approaches, perhaps using a ... Continue Reading
  • Watch out for IRS Impersonation Telephone Scams An aggressive and sophisticated phone scam targeting taxpayers, including recent immigrants, has been making the rounds throughout the country. Callers claim to be employees of the IRS, but are not. These con artists can sound convincing when they call. They use fake names ... Continue Reading
  • Tax Effects of Divorce or Separation If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here are some key tax tips to keep in mind: ... Continue Reading
  • New Factors Increase Importance of Withholding Check-Up There are several new factors that could affect refunds in 2017. A new tax law change requires the IRS to hold refunds a few weeks for some early filers in 2017 claiming the Earned Income Tax Credit and the Additional Child Tax Credit. In addition, the IRS and state tax ... Continue Reading

Small Business

  • Business owners may be able to benefit from the home office deduction Taxpayers who use their home for business may be eligible to claim a home office deduction . It allows qualifying taxpayers to deduct certain home expenses on their tax return. This can reduce the amount of the taxpayer’s taxable income. Here are some things to help ... Continue Reading
  • For Small Businesses: IRS Raises Tangible Property Expensing Threshold to $2,500; Simplifies Filing and Recordkeeping The Internal Revenue Service has simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable ... Continue Reading
  • Tax Tips for Starting a Business When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules but also about payroll tax rules. Here are five tax tips that can help you get your business off to a good start. 1. Business Structure. An ... Continue Reading
  • Small Business Health Care Tax Credit for Small Employers How will the credit make a difference for you? For tax years 2010 through 2013, the maximum credit is 35 percent of premiums paid for small business employers and 25 percent of premiums paid for small tax-exempt employers such as charities. For tax years beginning in 2014 or ... Continue Reading

Small Business Deductions

  • Business owners may be able to benefit from the home office deduction Taxpayers who use their home for business may be eligible to claim a home office deduction . It allows qualifying taxpayers to deduct certain home expenses on their tax return. This can reduce the amount of the taxpayer’s taxable income. Here are some things to help ... Continue Reading
  • Employers who provide leave might qualify to claim valuable credit Employers who provide paid family and medical leave to their employees might qualify for a credit that can reduce the taxes they owe. It’s called the employer credit for family and medical leave. Here are some facts about the credit to help employers find out if they might ... Continue Reading
  • Featured credits and deductions for businesses Deductions Qualified business income deduction Many individuals, including owners of businesses operated through sole proprietorships, partnerships, S corporations, trusts and estates may be eligible for a qualified business income deduction, also called the section 199A ... Continue Reading
  • Home office deductions Small business owners may qualify for a home office deduction that will help them save money on their taxes, and benefit their bottom line. Taxpayers can take this deduction if they use a portion of their home exclusively, and on a regular basis, for any of the following: As ... Continue Reading

Small Business Expenses

  • For Small Businesses: IRS Raises Tangible Property Expensing Threshold to $2,500; Simplifies Filing and Recordkeeping The Internal Revenue Service has simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable ... Continue Reading

Small Business Finance

  • Small Business Health Care Tax Credit for Small Employers How will the credit make a difference for you? For tax years 2010 through 2013, the maximum credit is 35 percent of premiums paid for small business employers and 25 percent of premiums paid for small tax-exempt employers such as charities. For tax years beginning in 2014 or ... Continue Reading

Small Business News

  • Questions and Answers on the Individual Shared Responsibility Provision Basic Information 1. What is the individual shared responsibility provision? Under the Affordable Care Act, the federal government, state governments, insurers, employers and individuals are given shared responsibility to reform and improve the availability, quality and ... Continue Reading
  • Treasury and IRS Announce That All Legal Same-Sex Marriages Will Be Recognized for Federal Tax Purposes The U.S. Department of the Treasury and the Internal Revenue Service (IRS) ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple ... Continue Reading

Small Business Practices

  • Five Facts about the Small Business Health Care Tax Credit If you are a small employer, there is a tax credit that can put money in your pocket. The small business health care tax credit benefits employers that: offer coverage through the small business health options program, also known as the SHOP marketplace have fewer than 25 ... Continue Reading
  • Record Keeping Reminder It’s already October and before long it will be tax season. Below are some tips to help you have your records in order for this year’s taxes and beyond. 1. In most cases, the IRS does not require you to keep records in any special manner. Generally, you should keep any and ... Continue Reading

Tax Strategies

  • Give Withholding and Payments a Check-Up to Avoid a Tax Surprise Some people are surprised to learn they’re due a large federal income tax refund when they file their taxes. Others are surprised that they owe more taxes than they expected. When this happens, it’s a good idea to check your federal tax withholding or payments. Doing so now ... Continue Reading
  • Employers who provide leave might qualify to claim valuable credit Employers who provide paid family and medical leave to their employees might qualify for a credit that can reduce the taxes they owe. It’s called the employer credit for family and medical leave. Here are some facts about the credit to help employers find out if they might ... Continue Reading
  • New tax credit benefits employers who provide paid family and medical leave Tax reform legislation enacted in December 2017 offers a new tax credit for employers who provide paid family and medical leave. Here are several facts about how this credit works and which employers are eligible to claim it: The credit is available for wages paid in taxable ... Continue Reading
  • Recent 529 Education Savings Plan Changes The Internal Revenue Service and Department of the Treasury have announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans. Tuition refunds The PATH Act change added a special rule for a beneficiary of a 529 ... Continue Reading

Tax Tips

  • Give Withholding and Payments a Check-Up to Avoid a Tax Surprise Some people are surprised to learn they’re due a large federal income tax refund when they file their taxes. Others are surprised that they owe more taxes than they expected. When this happens, it’s a good idea to check your federal tax withholding or payments. Doing so now ... Continue Reading
  • Employers who provide leave might qualify to claim valuable credit Employers who provide paid family and medical leave to their employees might qualify for a credit that can reduce the taxes they owe. It’s called the employer credit for family and medical leave. Here are some facts about the credit to help employers find out if they might ... Continue Reading
  • You can use your 2018 tax return to do a withholding checkup Millions of people have filed their 2018 tax return, making this a prime time to consider whether their tax situation came out as expected. If not, you can use your finished 2018 return and the Tax Withholding Estimator to do a Paycheck Checkup and, if needed, adjust your ... Continue Reading
  • New IRS impersonation email scam The Internal Revenue Service and its Security Summit partners warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally via email. Remember: the IRS does not send unsolicited emails and never emails taxpayers about the status of ... Continue Reading

Taxes

  • Give Withholding and Payments a Check-Up to Avoid a Tax Surprise Some people are surprised to learn they’re due a large federal income tax refund when they file their taxes. Others are surprised that they owe more taxes than they expected. When this happens, it’s a good idea to check your federal tax withholding or payments. Doing so now ... Continue Reading
  • Upcoming Tax Deadlines 2019 September DAY 10 Employees Who Work for Tips – If you received $20 or more in tips during August, report them to your employer. You can use Form 4070. 16 Employers – Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for ... Continue Reading
  • You can use your 2018 tax return to do a withholding checkup Millions of people have filed their 2018 tax return, making this a prime time to consider whether their tax situation came out as expected. If not, you can use your finished 2018 return and the Tax Withholding Estimator to do a Paycheck Checkup and, if needed, adjust your ... Continue Reading
  • New IRS impersonation email scam The Internal Revenue Service and its Security Summit partners warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally via email. Remember: the IRS does not send unsolicited emails and never emails taxpayers about the status of ... Continue Reading

Tips

  • New IRS impersonation email scam The Internal Revenue Service and its Security Summit partners warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally via email. Remember: the IRS does not send unsolicited emails and never emails taxpayers about the status of ... Continue Reading
  • Tips for students with summer jobs With summer almost here, many students will turn their attention to making money from a summer job. Not all the money they earn will make it to their pocket because employers must withhold taxes from their paycheck. Here are some tax tips young individuals should know when ... Continue Reading
  • New Variations on Phishing Schemes The IRS continues to see a steady stream of new and evolving phishing schemes as criminals work to victimize taxpayers throughout the year. Whether through legitimate-looking emails with fake, but convincing website landing pages, or social media approaches, perhaps using a ... Continue Reading
  • Security Tips: It’s shopping season for identity thieves, too With the holiday shopping season in full swing, we should all take extra steps to protect our tax and financial data from identity thieves. The holidays offer cybercriminals a chance to steal financial account information, Social Security numbers, credit card information and ... Continue Reading