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Most people file a tax return because they have to, but even if you don’t, there are times when you should because you might be eligible for a tax refund and not know it. This year, there are a few new rules for taxpayers who must file. The six...

February 10 Employees – who work for tips. If you received $20 or more in tips during January, report them to your employer. You can use Form 4070. Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2016. This due date...

For the past year, you’ve been faithfully creating new records, entering transactions, and recording payments. You’ve run basic reports. You’ve done your collection duties. You may have even paid employees and submitted payroll taxes. Now that another year has come and gone, if you haven’t done so, it’s time...

Everyone wants to save money on their taxes, and older Americans are no exception. If you’re age 50 or older, here are seven tax tips that could help you do just that. 1. Standard Deduction for Seniors. If you and/or your spouse are 65 years old or older and...

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. Examples include a debt for which you are personally liable such as mortgage debt, credit card debt, and in some instances, student...

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Not quite. You can’t let your business run on autopilot and expect good results. Any business owner knows you need to make numerous...

If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road. As...

Welcome, 2017! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2017 is no different. From health savings accounts to tax rate schedules and standard deductions, here’s a checklist of tax changes to help you plan the...

Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car, van, pickup or panel truck are: 53.5 cents per mile for business miles driven, down from 54 cents for 2016 17 cents per mile driven for medical or moving purposes, down from 19 cents...

Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that taking money out early from your retirement plan may trigger an additional tax. Here are 10 things taxpayers should know about early withdrawals from...

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. Here are 10 of them: 1. Moving Expenses. If you are...

More than 50 tax provisions, including the tax rate schedules and other tax changes are adjusted for inflation in 2017. Let’s take a look at the ones most likely to affect taxpayers like you. The tax rate of 39.6 percent affects singles whose income exceeds $418,400 ($470,700 for married...