Every small business — whether a respected local mom-and-pop retailer, a startup tech company, or an online venture — has accounting and bookkeeping responsibilities, including selecting the accounting method that works best for them. If you’re new to small business ownership, you might not even realize that there are multiple ways to keep tabs on […]
Article Highlights: Form W-4 Watch Out for Payroll Surprises Tips Odd Jobs Self-Employment Tax Working for Parents ROTC Students Newspaper Delivery Retirement Contributions As the summer break from school approaches, many students are looking for part-time summer employment. Both parents and students should be aware of the tax issues that need to be considered when […]
Article Highlights: Americans Living and Working Abroad Extension Requests Report of Foreign Bank and Financial Accounts (FBAR) Statement of Foreign Financial Assets Estimated Tax Payments Estimated Safe Harbors June 15 is the due date both for Americans living and working outside the U.S. to file their 2021 federal income tax returns and for the second […]
Article Highlights: Forgoing Vacation, Sick, or Personal Leave in Exchange for Ukrainian Relief Program Duration Employee and Employer Tax Implications IRS Notice 2022-28 There is a little-known disaster provision of the tax code that, where if an employer has adopted a leave-based donation program, the employees can forgo paid vacation, sick, or personal leave in […]
Filing status. Adjusted gross income (AGI). Taxable income. Marginal tax rate. Alternative minimum tax (AMT). Tax Credits. Underpayment of estimated tax penalty. When discussing taxes, reading tax-related articles or trying to decipher tax form instructions, one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what […]
Article Highlights: Estate Tax Exclusion Why a Will or Trust? Life-Changing Circumstances Beneficiaries When was the last time you or your attorney reviewed or updated your will or trust? If it was some time ago before the passage of substantial tax law changes over the past few years, your documents may be out of date. […]
Article Highlights Overlooked or Late Information Three Year Refund Statute Multiple Amendments Amending State Return If you discover that you forgot something on your tax return, you can amend that return after it has been filed. The need to amend can include a number of issues: Receiving an unexpected or amended K-1 from a trust, […]
With gas prices so high, you need to track your travel costs as closely as possible. Consider getting a tax deduction for your business mileage. If you drive even a little for business, it’s easy to let mileage costs slide. After all, it’s a pain to keep track of your tax-deductible mileage in a little […]
June 2022 Individual Due Dates June 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 10. Your employer is required to withhold FICA […]
Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the […]