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Tim, who owns his own business, decided he wanted to take a two-week trip around the US. So he did–and was able to legally deduct every dime that he spent on his vacation. Here’s how he did it. 1. Make all your business appointments before you leave for your...

May 11 Employees who work for tips – If you received $20 or more in tips during February, report them to your employer. You can use Form 4070. Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2015. This due date...

April 10 Employees who work for tips – If you received $20 or more in tips during February, report them to your employer. You can use Form 4070. April 15 Individuals – File an income tax return for 2014 (Form 1040, 1040A, or 1040EZ) and pay any tax due....

There are some features that all small businesses need in their accounting software. Everyone needs a Chart of Accounts and a good set of report templates. There must be tools to bill customers and to document income and expenses. Some companies need payroll management, and some need the ability...

Even if you’ve never paid Alternative Minimum Tax (AMT), before, you should not ignore this tax. Why? Because your tax situation might have changed and this might be the year that you need to pay AMT. AMT attempts to ensure that taxpayers who claim certain tax benefits pay a...

Since 1975, the Earned Income Tax Credit has helped workers with low and moderate incomes get a tax break each year. Four out of five eligible workers claim EITC. Wondering if you can too? Here’s what you should know about this valuable credit: 1. Review your eligibility. If you worked...

If you haven’t contributed funds to an Individual Retirement Arrangement (IRA) for tax year 2014, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15 due date, not...

Beginning in 2014, an eligible individual or family member covered under a qualified health plan through a Health Insurance Marketplace (Exchange) is allowed a premium tax credit. The premium tax credit offsets the cost of premiums paid for healthcare coverage in a qualified health plan. It is unusual in...

Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries, and depreciation. Use the standard mileage...

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...

Confused about which credits and deductions you can claim on your 2014 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook. 1. State Sales and Income Taxes Thanks to last-minute tax extender legislation passed last December taxpayers filing their 2014 returns can...

March 2 Businesses – File information returns (Form 1099) for certain payments you made during 2014. These payments are described underFebruary 2. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the General...