News

June 10 Employees who work for tips – If you received $20 or more in tips during May, report them to your employer. You can use Form 4070. June 15 Individuals – If you are a U.S. citizen or resident alien living and working (or on military duty) outside...

If you’re using QuickBooks, you probably know that you’re complying with the rules of double-entry accounting. The software is designed such that you can be compliant with these requirements without even being aware of it. You’re dealing with invoices and purchase orders, bank account reconciliation and bill-paying and payroll,...

If you, your spouse or dependents have significant medical or dental costs in 2016, you may be able to deduct those expenses when you file your tax return next year. Here are eight things you should know about medical and dental expenses and other benefits. 1. You must itemize....

If you adopting a child this year, you may qualify for a tax credit. Here are nine things you should know about the adoption credit. 1. Credit or Exclusion. The credit is nonrefundable. This means that the credit may reduce your tax to zero. If the credit is more...

You may not know about the Alternative Minimum Tax (AMT) because you’ve never had to pay it before. However, your income may have changed and you may be required to pay it when you file your 2016 tax return next year. The AMT is an income tax imposed at...

Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five important points to keep in mind if your child has investment income this year: 1. Investment Income. Investment income generally...

If you pay for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your...

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Here’s what you need to...

Given 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 receive unemployment compensation in 2016? A: Unemployment compensation you receive under the unemployment compensation laws of the United States or of a state...

If you’re age 70 1/2 or older, you can now take advantage of recent legislation allowing you to avoid paying income tax on IRA withdrawals transferred directly to a qualified charitable organization. Referred to as Qualified Charitable Distributions (QCDs), they can also be used to satisfy all or part...

Looking to save money on your taxes this year? It’s never too early to start planning ahead using these proven tax planning strategies. Max Out Your 401(k) or Contribute to an IRA You’ve heard it before, but it’s worth repeating because it’s one of the easiest and most cost-effective...

Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It...