News

When it comes to creating a budget, it’s essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. Not Setting Goals. It’s almost impossible to set spending priorities without clear goals for the coming year....

There are a number of end of year tax strategies businesses can use to reduce their tax burden for 2013. Here’s the lowdown on some of the best options. Purchase New Business Equipment Section 179 Expensing. Business should take advantage of Section 179 expensing this year for a couple of...

Tax planning presents more challenges than usual this year due to the passage of the American Taxpayer Relief Act of 2012 (ATRA), which was signed into law on January 2, 2013, as well as certain tax provisions of the Patient Protection and Affordable Care Act of 2010 taking effect...

Anytime Employers – Income Tax Withholding. Ask employees whose withholding allowances will be different in 2014 to fill out a new Form W-4. November 12 Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2013. This due date applies only if you deposited...

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. If this has happened to you, then it’s time to check your federal tax withholding or payments. Here are...

If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses, which might reduce your federal income tax. With that in mind, let’s take a closer look at miscellaneous deductions that might benefit you this tax season. Deductions Subject to the Two Percent...

October 1, 2013 marked the first day of the shutdown of the federal government–the first since 1995-1996. Without a clear idea of how long this “lapse in appropriations” is expected to continue, here’s a look at how taxpayers are affected. During the shutdown, approximately 86,000 IRS employees have been...

With floods, tornadoes, hurricanes, earthquakes, and other natural disasters affecting so many people throughout the US this year, many have been left wondering how they’re going to pay for the cleanup or when their businesses will be able to reopen. The good news is that there is some relief...

Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Definition of a Hobby vs. a Business The IRS defines a hobby as an activity...

Lending money to a cash-strapped family member or friend is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications down the road. Let’s say you decide to loan $5,000 to your...

The Patient Protection and Affordable Care Act of 2010, in concert with the enactment of the Health Care and Education Tax Credits Reconciliation Act of 2010, resulted in a number of changes to the US tax code. As such there are a number of tax implications for individuals and...

Tax Due Dates for October 2013 October 10 Employees who work for tips – If you received $20 or more in tips during September, report them to your employer. You can use Form 4070. October 15 Individuals – If you have an automatic 6-month extension to file your income tax return...