Keep Up With Changes to Tangible Property Expensing Rules
When you acquire tangible property to use in your business, you have to determine whether the costs should be expensed or capitalized. You probably prefer expensing so you can deduct the entire cost in the year of purchase. Otherwise, you’d need to capitalize...
Use These Updated Tax Numbers In Your 2016 Planning
Certain tax numbers are adjusted annually for inflation, as required by law. Being aware of these changes lets you make updates to your tax planning and take full advantage of retirement and other tax-advantaged savings. Here are some of the 2016 tax numbers you’ll...
Get Ready To Get Going On 2015 Tax Filing
January is the traditional start of tax-filing time, but there’s no need to stress. Here are tips to get this filing season off to a good start. Begin by gathering the items you need to complete your 2015 individual income tax return in one place such as a file...
Are You Aware Of Your Health Care Reporting Requirements?
If you’re an applicable large employer, you may be required to file a new tax form this month. Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, is required for each full-time employee. The form discloses information on the group health insurance...
Highlight These Tax Dates On Your 2016 Calendar
Grab your fluorescent highlighters and pick a color that you like. It’s time to mark important tax due dates on your 2016 calendar. January 15 – Due date for the fourth and final installment of 2015 estimated tax for individuals (unless you file your 2015 return and...
Tax “Extenders” Renewed In Late December Legislation
In mid-December 2015, Congress renewed the extenders that expired last year. But this time, the extender renewal went further than making the breaks retroactive to the beginning of 2015. Some of the rules are now effective through December 31, 2016, some are effective...
Do You Need To Pay Income Taxes On Gifts?
The act of gifting is generally not a taxable event when you’re the receiver, or "donee." Why? At the point of receiving the gift, you typically have not received income. What about when you’re the gift-giver? How does the act of giving the gift affect your tax...
How To Navigate The Tax Rules For Business Gifts
Business gift giving is a way to say thank you to customers, suppliers, and employees, and to show your appreciation for the business relationship. Do you know how to treat gifts for tax purposes? Here’s an overview. Gifts to non-employees The general rule is you can...
Understand This Depreciation Rule When Buying Assets
You’re already aware that depreciation expensing techniques help reduce federal taxes when you purchase business assets such as autos, machinery, equipment, and furniture at year-end. But did you know that might not be as true this year as it once was? Here’s why....
Independent contractor or employee: the distinction matters to the IRS
If you're a business owner, you have financial incentive to want to classify workers as independent contractors rather than as employees. For example, you're required to withhold and pay taxes on employee wages, and you may need to offer employee benefits such as paid...