News

Updated income-tax withholding tables for 2014 have been released by the IRS and supersede withholding tables issued in December 2013. The newly revised version contains percentage method income-tax withholding tables and related information that employers need to implement these changes. In addition, employers should continue withholding Social Security tax...

You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2013 earnings and withheld taxes no later than January 31, 2014 (if mailed, allow a few days for delivery). If...

If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you’re in...

Refund fraud caused by identity theft is one of the fastest growing crimes nationwide. Learn more about what the IRS is doing to protect your identity. Stopping refund fraud related to identity theft is a top priority for the IRS. With more than 3,000 employees working on identity theft...

Thanks to the passage of the American Taxpayer Relief Act of 2012 (ATRA) in January 2013, several tax provisions were extended through 2013 that are of benefit to taxpayers filing 2013 returns this year. Here are six of them: 1. Mortgage Insurance Deductible as Qualified Interest ATRA extended, through...

February 10 Employers – Federal unemployment tax. File Form 940 for 2013. This due date applies only if you deposited the tax for the year in full and on time. Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2013. This due date...

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...

Undoubtedly, there are some QuickBooks tasks that are more enjoyable than others. It’s no fun paying bills, for example, and making collection calls on unpaid invoices can be downright unpleasant. But you probably don’t mind recording payments after all of your hard work creating products or providing services, sending...

Low and moderate-income workers still have time to make qualifying retirement contributions and get the saver’s credit on their 2013 tax return. Also known as the retirement savings contributions credit, the saver’s credit is available in addition to any other tax savings that apply and helps offset part of...

Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) used for business, charitable, medical or moving purposes is: 56 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving purposes 14...

In 2014, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be revised each year to keep pace with inflation. New dollar amounts affecting 2014 returns, filed...

Due to current economic conditions, it’s likely that collecting on your accounts receivables is becoming more and more of a challenge. Strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. The following suggestions will help your business improve...