News

If you’re one of the more than 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction), you might be interested in the new simplified option available for taxpayers starting with the 2013 return most taxpayers file early in 2014....

Question: How do I know if I have to file quarterly individual estimated tax payments? Answer: If you owed additional tax for the prior tax year, you may have to make estimated tax payments for the current tax year. If you are filing as a sole proprietor, partner, S corporation shareholder,...

Due to delays at the start of the tax season, the IRS is providing late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching forms to their returns that couldn’t be filed until after January. The relief applies to the late-payment penalty, normally 0.5...

If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven in 2012. Here are 10 key facts from the IRS about mortgage debt forgiveness: 1. Cancelled...

More than 52 percent of businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements and attics are being transformed into the corporate headquarters of the newest entrepreneurs – home-based businesspeople. And, with technological advances...

Given the current economic conditions, you may be faced with tax questions surrounding a job loss and unemployment issues. Here are some answers: Q: What if I received unemployment compensation in 2012? A: Unemployment compensation you received under the unemployment compensation laws of the United States or of a state...

If you’re a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit. What is the Small Business Health Care Credit? The small business health care tax credit, part of the Patient Protection and Affordable Care Act enacted...

April 1 Electronic filing of Forms 1098, 1099, and W-2G – File Forms 1098, 1099, or W-2G with the IRS. This due date applies only if you file electronically (not by magnetic media). Otherwise, see February 28. The due date for giving the recipient these forms will still be January...

Are you one of the millions of Americans who haven’t filed (or even started) your taxes yet? With the April 15th tax filing deadline less than two weeks away, here’s some last minute tax advice for you. Stop Procrastinating. Resist the temptation to put off your taxes until the very...

Whether your accounting tasks are done on a single PC or you have multiple users working on different screens, it’s critical that you make use of all that QuickBooks offers in terms of internal controls. First Stop: Audit Trail An audit trail is a very large report that displays...

In the aftermath of Hurricane Sandy, the Internal Revenue Service announced additional tax relief to affected individuals and businesses, further extending tax deadlines until April 1 for the following FEMA-designated counties: In New Jersey (starting October 26): Monmouth and Ocean counties. In New York (starting October 27): Nassau, Queens, Richmond and Suffolk Counties....

If you, your spouse or dependents had significant medical or dental costs in 2012, you may be able to deduct those expenses when you file your tax return. Here are eight things you should know about medical and dental expenses and other benefits. 1. You must itemize. You deduct qualifying...