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Flexible Spending Accounts (FSA) and Small Business
Open An Flexible Spending Account (FSA) For Your Small Business Did you know, a small business can set up a Flexible Spending Account for individual employees’ medical expenses. FSA plans are established and offered through an employer for the benefit of the employees. These funds are not subject to federal income or Social Securty taxes. This means: The employees can elect to contribute [...]
Audit Within Your Small Business
Why Is My Small Business Under Audit? Ever wonder why YOUR small business was targeted for an audit. See below the top reasons why you might have been a candidate. As a small business owner you are 4 times more likely to be audited than a W2 wage earner. How are you chosen to be the lucky one? 1. Computer Picks – Computer [...]
Tax Withholding Estimator
Double Check Your Paychecks With This Tax Withholding Estimator All taxpayers should use the new Tax Withholding Estimator to do a Paycheck Checkup. This tool helps people make sure their employers are taking out the right amount of tax from the employee’s paychecks. The money withheld from an employee’s paychecks throughout the year should cover the amount of tax they owe. Taxpayers who haven’t yet checked [...]
Benefits to Taxpayers Who Itemize
Benefits of Taxpayers Who Itemize Summer is a season when people have fun, yet get things done. From buying a new house to cleaning their old one, taxpayers who itemize their deductions may have done things this summer that will affect the tax returns they file next year. The higher standard deduction means fewer taxpayers are itemizing their deductions. However, taxpayers who still [...]
Car Expense Deductions
The Inside Scoop On Car Expense Deductions Taxpayers who have deducted the business use of their car on past tax returns should review whether or not they can still claim this deduction. Some taxpayers can. Some cannot. Here’s a breakdown of which taxpayers can claim this deduction when they file their tax returns. Business owners and self-employed individuals Individuals who own a business or [...]
Home Office Tax Deduction
Save Money With Your Home Office If you're eligible, a home office deduction can save you big bucks at tax time. If you're not, claiming it can get you in big trouble. According to the U.S. Bureau of Labor Statistics over 18 million Americans operate home based businesses. Two million people claim a home office deduction according to the IRS. Obviously more people [...]
Renewing Your ITIN
Taxpayers With Expiring ITINs Should Renew Them Now Taxpayers with expiring individual taxpayer identification numbers (ITIN) should think about renewing their ITIN number ASAP. There are nearly 2 million ITINs set to expire at the end of 2019. Renewing your ITIN will help avoid unnecessary delays related to their tax refunds next year. ITIN's are used by taxpayers required to file or pay taxes, but who [...]
Filing a 1099-Misc Form
What You Should Know About Filing A 1099-MISC Form If you recieve payments as a trade or business from other people or entities, that payment amount is reported to you and the IRS if they total a certain amount for the given tax year. Not all 1099 forms are the same. 1099-MISC is a miscellaneous form which includes any freelance work or contract [...]
Divorce or Separation May Have an Effect On Taxes
Divorce or Separation May Have an Effect On Taxes Taxpayers should be aware of tax law changes related to alimony and separation payments. These payments are made after a divorce or separation. The Tax Cuts and Jobs Act changed the rules around them, which will affect certain taxpayers when they file their 2019 tax returns next year. Here are some facts that will help [...]
R&D Tax Credits for Restaurants
Are you a restaurant owner? Are you taking advantage of research and development (R&D) tax credits? In an age where technology is an integral part of how restaurants operate, it is crucial for your establishment to find new ways to stay on the cutting edge and keep up with competition.
Tax Changes for Short-term Rental Hosts
The Tax Cuts and Jobs Act has important changes that may impact your vacation rental property. If you use an online rental service like Airbnb, HomeAway, or VRBO to rent out your vacation home you might want to take a look at these tax changes.
Taxpayer Payment Options
As the 2019 tax filing season gets into full swing, the Internal Revenue Service reminds taxpayers who owe of the many easy payment options.
Taxpayer Withholding
The Internal Revenue Service warned taxpayers to check their income tax withholding for almost all of 2018 due to how the Tax Cuts and Jobs Act affected tax brackets. The IRS announced it would waive the penalty for not paying enough estimated tax if affected taxpayers met most of their tax liability in 2018.
