Tax breaks for charitable giving aren't limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here's what you should know. 1. Verify that the Organization is a Qualified Charity Once you've identified a [...]
Here's what business owners need to know about tax changes for 2019. Standard Mileage Rates The standard mileage rate in 2019 is 58 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the premiums for single health insurance coverage for their employees may [...]
As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2019. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in 2019 is $24,400. For [...]
Anytime Employers - Income Tax Withholding. Ask employees whose withholding allowances will be different in 2020 to fill out a new Form W-4. The 2020 revision of Form W-4 will be available on the IRS website by mid-December. November 12 Employees who work for tips - If you received $20 or more in tips [...]
Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until December 31, 2021. Here are some key facts that you should know about [...]
New variations of tax-related scams show up at regular intervals, the most recent one related to Social Security numbers. Don't be fooled, however; it's nothing more than a new twist on an old scam and yet another attempt to frighten people into returning "robocall" voicemails. How the Scam Works Con artists claim to be [...]
As the end of the year approaches, taxpayers should be reminded that business expense deduction for meals and entertainment have changed due to tax law changes in the Tax Cuts and Jobs Act (TCJA) of 2017. Until proposed regulations clarifying when business meal expenses are deductible and what constitutes entertainment are in effect, taxpayers [...]
Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care [...]
If you own a historic building you should know about a tax credit called the rehabilitation tax credit, which offers an incentive to renovate and restore old or historic buildings. Here are seven facts that building owners should know about this credit: The credit is 20 percent of the taxpayer's qualifying costs for rehabilitating [...]
If you've invested in Bitcoin and decide to sell you need to consider the impact of virtual currency transactions on your taxes. Here's what you should know: Background Prior to 2014, there was no IRS guidance and many people did not understand that selling virtual currency was a reportable transaction. They may have found [...]
