As the school year draws to a close, it’s a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if you have young children. One major advantage [...]
Information courtesy of IRS Reduce your taxes and save on your energy bills with certain home improvements. Non-Business Energy Property Credit Part of this credit is worth 10 percent of [...]
Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses: For food and beverages furnished at the workplace [...]
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why is this important? Passive income may be subject [...]
Information courtesy IRS Some people take an early withdrawal from their IRA or retirement plan. Doing so may trigger an added tax on top of the income tax you may [...]
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. [...]
Tax-exempt organizations: deadline for filing tax information returns is approaching. Remember, do not include Social Security numbers (SSNs) or other unneeded personal information on Form 990. If your organization uses [...]
A few important items regarding income from self-employment that the IRS wants you to know: Self-employment can include income you received from a part-time job, in addition to income from your [...]
Information courtesy of IRS If you start your tax planning now, you may avoid a tax surprise when you file next year. Now is a good time to set up [...]
Information courtesy of IRS There are many reasons why you may receive a letter or notice from the IRS. Know these facts. 1. Don’t panic. You often can take care of [...]
Information provided by IRS If you enrolled in qualifying Marketplace health coverage, you have probably filed a tax return based on a Form 1095-A that you received from the Marketplace. [...]
Whether you filed your 2014 income tax return by the April 15 deadline or filed for an extension, you may think that it’s a good time to take a break [...]
Now that excise taxes related to employer-provided health care coverage for many employers are in effect, it is time to stop hitting the snooze button on a sleeper issue related [...]
The additional 0.9% Medicare tax applies to FICA wages and self-employment income exceeding $200,000 per year ($250,000 for married filing jointly and $125,000 for married filing separately). Unfortunately, the withholding [...]
Information courtesy of IRS April 15 was the tax day deadline for most people. If you owe tax, and you failed to file and pay on time, you will usually [...]