D.E. Rodrigues & Company Accounting Blog

Changes to the Kiddie Tax

Written by February 8, 2018

The Tax Cuts and Jobs Act has changed the way unearned income is taxed for your children. In the past, interest, dividends and other unearned income used to be taxed in phases. The first $1,050 was tax-free, the next $1,050 was taxed at the child’s rate and any additional was taxed at the parent’s tax rate. The act now calls...

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Review your withholdings

Written by February 6, 2018

The IRS recently announced new withholding guidelines for all employers and payroll companies. Employers are expected to update your paycheck on or before Feb. 15. That means you’ll need to review the amount withheld from your paycheck. Why? Because the Tax Cuts and Jobs Act lowered tax rates, increased standard deductions and eliminated personal exemptions. Many employees should see an...

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Business owners: Forms due Jan. 31

Written by January 22, 2018

Don’t forget that Jan. 31 is an important due date if you own a business, or have a side business in addition to your regular job. Avoid fines by making sure Forms W-2 and 1099-MISC are postmarked or sent electronically by this date to the IRS as well to the people you did business with in 2017. Remember, you may...

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Is your business susceptible to payroll fraud?

Written by January 5, 2018

Unless a small business owner handles all aspects of computing and paying payroll, there is room for fraud. Even if your company has only a few employees — it does not guarantee your funds will be safe.   How payroll fraud happens Perhaps one of the easiest payroll fraud techniques is the overpayment of withholding or payroll taxes. Your bookkeeper...

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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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