News

If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal tax responsibilities. Here are five tips to help you get started. 1. Type of Business. Early on, you will need to decide the type of business entity...

Is your child a student with a summer job? Here’s what you should know about the income your child earns over the summer. All taxpayers fill out a W-4 when starting a new job. This form is used by employers to determine the amount of tax that will be...

Selecting your business successor is a fundamental objective of planning an exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you. There are only four ways to leave your business: transfer ownership to family...

Tax planning is the process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to...

According to the US Census Bureau, individuals with a bachelor’s degree have the potential to earn more than double the salary of those with just a high school diploma, so even though tuition and fees are on the rise, most people feel that a college education is well worth...

The U.S. economy may be picking up, but your customers are probably still being very careful with expenditures. If your company’s finances will allow it, you can help them out on sizable jobs by using progress invoicing, also known as partial billing or progress billing. You could, of course, simply create invoices for...

  August 12 Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2013. This due date applies only if you deposited the tax for the quarter in full and on time.Employees Who Work for Tips – If you received $20 or more in...

You may be an injured spouse if you file a joint tax return and all or part of your portion of a refund was, or is expected to be, applied to your spouse’s legally enforceable past due financial obligations. Here are seven facts about claiming injured or innocent spouse...

Summer is wedding season. After you say, “I do” you’ll have two filing status options to choose from when filing your 2013 tax returns: married filing jointly, or married filing separately. Married Filing Jointly You can choose married filing jointly as your filing status if you are married and...

Keeping good records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. Here are five tips to keeping good records. 1. Normally, tax records should be kept for three years. 2....

With the 2013 hurricane season now under way and memories of tornadoes and other natural disasters fresh in our collective minds, now is the time for individuals and businesses to safeguard their tax records by taking a few simple steps. Take Inventory. Gather all of your documents and make an...

Tax law allows you to deduct two types of travel expenses related to your business, local and what the IRS calls “away from home”. First, local travel expenses. You can deduct local transportation expenses incurred for business purposes, for example the cost of getting from one location to another...