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Tax Breaks for Business: Charitable Giving Tax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here’s what you should know. 1. Verify...

Business Tax Provisions: The Year in Review Here’s what business owners need to know about tax changes for 2019. Standard Mileage RatesThe standard mileage rate in 2019 is 58 cents per business mile driven. Health Care Tax Credit for Small BusinessesSmall business employers who pay at least half the...

Individual Taxpayers: Recap for 2019 As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2019. Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025. Standard DeductionsThe standard deduction for married couples filing...

Tax Due Dates for December 2019 December 10 Employees who work for tips – If you received $20 or more in tips during November, report them to your employer. You can use Form 4070. December 16 Corporations – Deposit the fourth installment of estimated income tax for 2019. A worksheet, Form...

Setting up Sales Taxes in QuickBooks, Part 1 Next to payroll, state sales taxes represent probably the most complex element of your accounting tasks. QuickBooks can help with the mechanics, but there is a lot you need to learn before you can start charging and paying them. Here is...

Solar Technology Tax Credits Still Available for 2019 Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until...

New Twist on the Social Security Number (SSN) Scam New variations of tax-related scams show up at regular intervals, the most recent one related to Social Security numbers. Don’t be fooled, however; it’s nothing more than a new twist on an old scam and yet another attempt to frighten...

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies.

Business Expense Deductions for Meals, Entertainment As the end of year approaches, taxpayers are reminded that business expense deduction for meals and entertainment have changed due to tax law changes in the Tax Cuts and Jobs Act (TCJA). Until proposed regulations clarifying when business meal expenses are deductible and...

Seasonal Workers and the Healthcare Law Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether...

Tax Tips for Owners of Historic Buildings If you own a historic building you should know about a tax credit called the rehabilitation tax credit, which offers an incentive to renovate and restore old or historic buildings. Here are seven facts that building owners should know about this credit:...

Tax Treatment of Virtual Currency Transactions If you’ve invested in Bitcoin and decide to sell you need to consider the impact of virtual currency transactions on your taxes. Here’s what you should know: Background Prior to 2014, there was no IRS guidance and many people did not understand that...