D.E. Rodrigues & Company Accounting Blog

Do you have a household employee? Don’t ignore the nanny tax

Written by January 2, 2018

As you review your filing requirements for 2018, make sure you don’t overlook the nanny tax related to household employees. If you have a housekeeper or any other household employee, you could be liable to pay state and federal payroll taxes.   How to know if you must pay the nanny tax First, you’ll need to determine whether you have...

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Update your mileage rate reimbursements

Written by January 2, 2018

If you plan on using your vehicle for business, medical appointments or moving during 2018, make sure you know the standard mileage rates have changed. The standard business mileage rate increased to 54.5 cents per mile (up from 53.5 cents in 2017). The medical and moving rates also increased by 1 cent, to 18 cents per mile. Charitable rates remain...

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What the new tax law means for Businesses

Written by December 28, 2017

Congress has passed tax reform that will take effect in 2018, ushering in some of the most significant tax changes in three decades. There are a lot of changes in the new bill, which was signed into law on Dec. 22, 2017. This is a summary of the business related tax law changes.   Key changes for small businesses: Here...

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What the tax reform bill means to individuals

Written by December 27, 2017

Over the next couple of days we will be posting a summary of what the new tax law means to individuals and businesses. You can use this summary as a high-level overview of some of the most significant items in the new bill. Because major tax reform like this happens so seldom, it may be worthwhile for you to schedule...

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Some year end tax tips

Written by December 26, 2017

The clock is ticking down to 2018 … but you still have a few weeks left to make some last-minute tax moves. Take a look at these five tips and save a little more this year. Check the amount of 2017 tax you have prepaid through withholding and quarterly estimates ASAP and consider prepaying state and local taxes.  If you’ve...

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Remember, local is not always local-Know the difference

Written by December 26, 2017

Not all CPA firms are alike! Pay attention to the details when deciding. One firm in our area claims to be the largest firm in the area. That firm is part of a national firm whose headquarters are in the Midwest,  whose partners are local. Therefore, their structure is nothing more than a satellite office of a much larger firm; whose operations...

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What is a Self Directed IRA?

Written by December 12, 2017

A Self-Directed Individual Retirement Arrangement is an IRA that requires the account owner to make investment decisions and investments on behalf of the retirement plan. IRS regulations require that either a qualified trustee, or custodian hold the IRA assets on behalf of the IRA owner. Generally the trustee/custodian will maintain the assets and all transaction and other records pertaining to...

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Not for Profit Organizations must file with the IRS

Written by December 12, 2017

Not for profit organizations are under more pressure than ever from the IRS to file their year end tax returns, or else face the possibility of losing their tax exempt status. While there is a minimum threshold which requires an organization to file, many organizations do not know that they must file a statement with the IRS even when they...

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Want to give this year? Here’s what you need to know

Written by November 10, 2017

Giving on a yearly basis could trim both your estate and income taxes. First, there’s the annual exclusion for gifts. Currently, you can give $14,000 annually to any number of recipients without paying federal gift tax. Married couples can double this amount by gift-splitting – a gift of $28,000 from one spouse is treated as if it came half from...

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