Are you a student with a summer job or the parent of a student with a summer job? Here are seven things you should know about the income earned by students during the summer months. All new employees fill out a W-4 when starting a new job. This form is used by employers to [...]
Small business owners are reminded that tax reform legislation lowered the backup withholding tax rate to 24 percent. In addition, the withholding rate that usually applies to bonuses and other supplemental wages was also lowered to 22 percent. As such, employers should have their employees check their withholding. Backup withholding. Under the Tax Cuts [...]
The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made [...]
If you've decided to start a business, one of the most important decisions you'll need to make is choosing a legal entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you could face. Even [...]
If you've ever used--or provided services for-- Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit. then you're a member of the sharing economy and it could affect your taxes. The good news is that if you've only used these services (and not provided them), then there's no need to worry about the tax implications. However, [...]
If you discover a mistake on your tax return after you've already filed, don't panic. In most cases, all you have to do is file an amended tax return. Here's what you need to know. Taxpayers should use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. An [...]
A reminder that September 16 is the last day to timely file 2018 partnership and S corporation tax returns that were extended from the March 15 deadline. Please send us your tax information ASAP.
It's hard to believe that another tax season is nearly here! In an effort to save a few trees, we will no longer automatically mail tax organizers to clients. Instead, if you are an existing client and would like to receive a tax organizer showing your prior year tax figures (very useful for gathering [...]
Open enrollment season on www.healthcare.gov has begun and lasts through December 15. Although 2019 will be the first year that those without coverage are not penalized, it is of course a very good financial move to obtain health insurance, and you may well qualify for subsidies to do so. Health insurance premiums for the [...]
Corporations electing subchapter S tax treatment were originally designed to pass corporate income, losses, deductions, and credits through to the owners of small corporations. S corporations must limit the number of shareholders to 100 and can only have one class of stock (although there may be voting and nonvoting common stock), imposing restrictions on [...]
