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Tuesday, April 18, 2017, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2016 tax return yet, don’t delay. There’s still time–and it’s not as difficult as you think. Here’s What to Do When Your Return Is Late First, gather any...

May 1 Employers – Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2017. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for...

Controlling access to your QuickBooks company file is easy when you’re a one-person accounting department. You simply use one password to protect your data. But when you add new employees to the mix, do you want them to have access to absolutely everything in QuickBooks? Probably not. You have...

Taxpayers often have questions about Individual Retirement Arrangements or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules. If you have questions, here’s what you need to know: Age Rules. Taxpayers must be under age 70 1/2...

Taxpayers with children may qualify for certain tax benefits. Parents should consider child-related tax benefits when filing their federal tax return: 1. Dependent. Most of the time, taxpayers can claim their child as a dependent. Taxpayers can generally deduct $4,050 for each qualified dependent. If the taxpayer’s income is...

Did you know that it’s possible to trim your tax bill and save on your energy bills with certain home improvements? Here are some key facts you should know about home energy tax credits: Non-Business Energy Property Credit Part of this credit is worth 10 percent of the cost...

Medical expenses can trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are four tips to help taxpayers know what qualifies as medical and dental expenses: 1. Itemize. Taxpayers can only claim medical expenses that they paid for in 2016 if they itemize...

If you are a self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. If you’re self-employed,...

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent, as well as gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the...

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 10 Employees who work for tips – If you received $20 or more in tips during March, report them to your employer. You can use Form 4070. April 18 Individuals – File an income tax return for 2016 (Form 1040, 1040A, or 1040EZ) and pay any tax due....

The Affordable Care Act contains two provisions that may affect your tax return this year: the individual shared responsibility provision and the premium tax credit. Here’s what you should know: Information Forms: 1095-A, 1095-B, and 1095-C This year marks the first time that certain taxpayers will receive new health-care...