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Is your business the right entity type?

Written by November 5, 2018

Small business owners have multiple entity options available to them, including C corporations and pass-through entities, such as S corporations, partnerships and LLCs. The pass-through options provide legal protections and avoid double taxation, but also have other factors to consider. for instance, one entity, depending on its use, can be audited more frequently than others and can also cost up...

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Use this annual exclusion by December 31

Written by November 8, 2016

Under current federal tax law, in 2016, you can take advantage of an annual exclusion to give up to $14,000 to as many individuals as you want without paying gift tax. If you’re married and your spouse joins in the gift, you can, as a couple, elect to give $28,000 to each person with no gift tax liability. If you...

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New Overtime Rules in Effect December 2016

Written by May 23, 2016

A new Federal Overtime Rule executed by the U.S. Department of Labor (DOL) will likely impact your business. Many of you are just now becoming aware that the DOL has unveiled new overtime regulations that increases the salary threshold for paid overtime. These changes are significant. Below are some bullet points from the new Overtime Final Rule regulations:  The DOL...

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Simplified home office deduction

Written by March 23, 2016

During this time of year, many folk forget there is a new simplified method for claiming home office expenses that we have mentioned in past posts.  While it doesn’t take away the requirements for eligibility to take the deduction, the rules have been greatly simplified. Introduced in tax year 2013, the optional deduction is designed to reduce the paperwork and...

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Hiring workers can bring tax breaks

Written by March 18, 2016

The Work Opportunity Tax Credit, known as WOTC, can reduce your federal income tax liability dollar-for-dollar when you hire certain workers. The credit is available for 2015 if you hired workers from “targeted” groups, such as ex-felons, food stamp recipients, and Supplemental Security Income recipients. Beginning in 2016, you can also claim the credit when you hire individuals who were...

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Identity Theft Is an Ongoing Concern for the IRS

Written by March 7, 2016

The Internal Revenue Service today issued a filing season alert warning taxpayers to watch out for identity theft at tax time and highlighted the crime as the first scam in the agency’s “Dirty Dozen” series. Over the course of the past year, as part of  a security initiative, the IRS partnered with states and the tax industry to enhance coordination...

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Stay compliant with minimum wage laws

Written by February 5, 2016

With some exceptions, the federal minimum wage is $7.25 per hour. But your state may require you to pay a different rate, and that rate may have changed as of January 1. (Massachusetts is now $10/Hr) When employees are subject to both state and federal minimum wage laws, the law says you need to pay the higher of the two....

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