Don't take a vacation from tax planning

Don't ignore your opportunity to save on taxes just because it's summertime. Here are some summertime tips to keep your tax plans going.

If you are a sole proprietor with children, you might consider putting them on the payroll during the summer months. Wages paid to your children under age 18 are not subject to social security and Medicare taxes. What's more, their earnings are not subject to federal unemployment tax until they turn 21.

Five Things Every Business Owner Must Do 

If you own or manage your own business, you're probably busy monitoring operations and dealing with everyday problems. But there are a few things that you should make time to do every year. These are important for your long-term business and personal success.

Don't Let the IRS Become Your Pen Pal 

Getting a letter or notice from the IRS can be upsetting, confusing, and unnecessary. The IRS sends taxpayers notices to request payment for taxes, to notify them of a change to their account, or to request additional information. Attention to the following details will reduce the likelihood that you will become pen pals with the IRS.

Should you pay more attention to cash flow in your business?

In assessing their business, most owners focus on growth in sales and profits. Yet these do not guarantee business health and success. Another important gauge is cash flow. Simply put, is there enough cash inflow to cover cash outflow? Cash flow needs change on a daily basis. The more you're aware of cash flow needs, the more control you'll have over your business.

Business Tax Tip: Calculate your basis

It's important for S corporation shareholders to know their basis in the corporation. Basis is the key to determining whether current-year losses can...

Check the "support" test to maintain dependent deductions

Keep your college student qualified as your dependent by meeting the "support" test. Generally, your child cannot provide over...

IRS Announces 2016 HSA Limits

The 2016 inflation-adjusted amounts for health savings accounts (HSAs) have been released by the IRS. Individuals will be allowed to...

Employee Tax-Free Income

While most income received from your employer quickly ends up on a W-2 tax form at the end of the year, here are some common employee benefits that often avoid the impact of Federal taxes.

Smart business people learn to delegate work

As a business owner or manager, you may think that if you want things done "the right way," you have to do them yourself. But that isn't always the best approach at work, even if you firmly believe you're the best person for the job. There simply isn't enough time in the day - not if you have a business to run.

Should you be making estimated tax payments?

During the tax year you must prepay a substantial amount of the taxes you'll owe for that year, or you risk being hit with an underpayment penalty. If you're an employee, that's usually not a problem. Your employer will withhold taxes from each paycheck. You can adjust the amount withheld so that it covers your total tax bill, even if you have extra income from moonlighting or investments. But if you're self-employed or retired, you might need to make estimated tax payments.

If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here.

Normal due date: Monday, June 15^th 2015

Remember you are required to withhold at least 90% of your current tax obligation or 100% of last year’s federal tax obligation.* A quick look at last year’s tax return and a projection of this year’s obligation can help determine if a payment might be necessary. Here are some other things to consider:

Watch out for the AMT

As you review your income tax situation at midyear, consider your exposure to the alternative minimum tax (AMT). The alternative minimum tax involves...

IRS Issues Reminder on Child Tax Credit

Working parents should be aware that the child and dependent care tax credit is available to offset some of the expenses for child care. Six facts the IRS wants taxpayers to know about the credit:

Summertime tax tip!

If you itemize your deductions, you can deduct the mortgage interest and property taxes paid for your vacation home. A boat or RV can qualify as a....

Tips for the Month - May

The IRS matches all W-2 income as well as all Forms 1099 reported on your tax return and will contact you about unmatched amounts.

Nonprofits with annual gross receipts of no more than $50,000 can file a 990-N, called an e-Postcard.

You’ve been patiently waiting for your tax refund to show up and instead of a refund check you receive IRS Form 5071C in the mail. This is often the first indication you will receive from the IRS that you may be the victim of identity theft. Here is what you need to know. 

One of the biggest contributions a taxpayer can make is to donate a used automobile. But if not careful, the value of a donated vehicle could be a lot lower than you think.

THE RULE

When you donate a vehicle, the value of your donation is either the fair market value of your vehicle when you donate it OR the value received by the charitable organization for your donation. Unfortunately, you do not...

2016 Health Savings Account Limits

The savings limits for the ever-popular Health Savings Accounts (HSA) are now set for 2016. The new limits are outlined here with current year amounts noted for comparison purposes.

What is an HSA?

An HSA is a tax-advantaged savings account to pay for qualified health care costs for you, your spouse, and your dependents. When contributions are made through an employer, they are made on a pre-tax basis. There is no tax on

Per the IRS, in 2011 approximately 1 million tax returns represented $1 billion in unclaimed refunds. As unlikely as this sounds, losing a refund could happen to you or someone you know. Here are some common causes of missing out on your full refund.

Every estate plan should have these basic documents

Estate planning is not just a task for the wealthy. Even though federal tax implications kick in only if your estate exceeds $5,430,000, there are other issues that make estate planning important for most individuals.