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Of all the retirement plans available to small business owners, the SIMPLE plan is the easiest to set up and the least expensive to manage. These plans are intended to encourage small business employers to offer retirement coverage to their employees. SIMPLE plans work well for small business owners...

Many companies have questions about what to do with an employee’s home when he or she is moved to a new job location, especially when the real estate market is in a downturn throughout much of the country. Typically, the employer wants to protect the employee against financial loss...

The purpose of life insurance is to provide a source of income, in case of death, for your children, dependents, or other beneficiaries. Life insurance can also serve certain estate planning purposes, which we won’t go into here. Buying life insurance is contingent upon whether anyone is depending on...

Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year, but also use the home yourself. There is however, one provision that is not complicated. Homeowners who rent out their property for 14 or fewer...

Military personnel and their families face unique life challenges with their duties, expenses and transitions. As such, active members of the U.S. Armed Forces should be aware of all the special tax benefits that are available to them. 1. Moving Expenses. If you are a member of the Armed Forces...

Generally, you are taxed on income that is available to you regardless of whether it is actually in your possession, but there are some situations when certain types of income are partially taxed or not taxed at all. Here are some examples of items that are NOT included in...

September 10 Employees Who Work for Tips – If you received $20 or more in tips during August, report them to your employer. You can use Form 4070. September 17 Individuals – Make a payment of your 2012 estimated tax if you are not paying your income tax for the year...

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...

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...

The July 2012 Supreme Court ruling upholding what’s collectively referred to as the “Affordable Care Act” (ACA) or “Health Care Act” has resulted in a number of changes to the US tax code. As such there are a number of tax implications for individuals and businesses. With that in...

If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. 1. Most gifts are...

Being in debt isn’t necessarily a terrible thing. Between mortgages, car loans, credit cards, and student loans, most people are in debt. Being debt-free is a worthwhile goal, but most people need to focus on managing their debt first since it’s likely to be there for most of your...