Many people have been asking me this question so I have decided to post it on our blog. This year, the tax deadline falls on April 18, 2016. That’s the deadline to file personal tax returns (such as Form 1040) with the Internal Revenue Service. Normally, the deadline is April 15th. But this year, April 15th is Emancipation Day, a...
Tags: 2015 deadline
Category: Taxes
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...
Tags: home office
Category: TaxesUncategorized
Is your business adequately diversified? Relying on too few customers, vendors, or key employees can leave you open to risks that can be catastrophic. Here’s what to consider. Customers. Do you depend on just a few customers for the majority of your sales? What will happen to your business if your largest customer requests a major price reduction, starts buying...
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...
Tags: WOTC
Category: Uncategorized
Financial literacy is a vital skill in today’s world. Will your children be able to handle their finances when they became adults? Here are tips to help ensure the answer is yes. Shave spending. Take the weekly allowance to the next level by helping your child develop a budget. Review the results to reinforce good habits. Stress savings. Even young...
Tags: financial literacy
Category: Business
If you have an individual retirement account, you’re aware of how complicated the rules can get. Here are a couple to remember as you prepare your 2015 federal income tax return. 1. Are you searching for one more tax deduction? It’s not too late to contribute to your IRA and claim a deduction for 2015. Under current tax rules, if...
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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Category: Uncategorized
If you conduct qualified research activities, you may be eligible to claim a federal income tax credit known as the “research and development” credit. This credit is now permanent and may benefit you when you design, develop, and improve business products or processes. Beginning in 2016, the research and development credit can be applied against your alternative minimum tax liability....
Tags: Federal R&D credit
Category: Taxes