13 08, 2018

Hidden Back to School Tax Deductions

Summer is coming to a close and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save: 1. Watch for tax deductions on the supply list. Often schools send a list of requested supplies for the

19 07, 2018

Postcard Tax Form

The IRS released a new draft version of the 2018 Form 1040, U.S. Individual Income Tax Return. The new Form is markedly different from the 2017 version of the form and would replace the current Form 1040, as well as the Form 1040A and the Form 1040EZ. In addition to reflecting a number of

18 07, 2018

Switching Jobs this Summer? Don’t Forget about Your Taxes.

As you look forward to starting your new job, it's important to keep in mind how your employment change will affect your taxes. Here are three tax-smart tips related to the employment change that'll put you in the best position come tax season:• Roll over your retirement plan. You may be tempted to cash out

15 07, 2018

Supreme Court Shakes Up Sales Taxes

On June 21, 2018, the U.S. Supreme Court issued its opinion in South Dakota v. Wayfair, a landmark sales and use tax nexus case that will have implications for many online sellers and multistate businesses. The Court ruled, in a 5-4 decision, that a state can require an out-of-state seller to collect sales or use

12 07, 2018

How to Get Your Customers to Pay Up

Your customer is satisfied — but a month has gone by, and your invoice is still outstanding. You'd like to work with the customer in the future. So how do you get your money without losing the customer? Here are two strategies to avoid increased aging accounts receivable that may help: 1. Make it

11 07, 2018

6 Tax Benefits of Owning a Home

If you own or are considering owning a home, you can take advantage of many tax benefits. Here are six of the most commonly used homeowner's tax breaks: 1. Mortgage interest deduction. You can deduct the interest you pay on your monthly mortgage bill when you itemize deductions on your tax return. This can be

18 06, 2018

5 Questions to Ask Before Starting a Home-based Business

If you're getting tired of the view from your cubicle and want to start a business of your own, you'll need to figure out a few things first. A lot of people consider self-employment because they've lost their seemingly stable jobs in the corporate world. Others just dream of making it on their own.

7 06, 2018

Audit-proof Your Shareholder Loan

Business owners may face a lot of scrutiny if they borrow money from their company and then get audited. Find out how you can prepare.If you're a business owner and your company lends you money, you'll enter it in the books as a shareholder loan. However, if your return is audited, the IRS will scrutinize

31 05, 2018

The New Small Business Family Medical Leave Credit

There’s a new business tax credit that partially reimburses employers for providing paid family and medical leave for select employees. But small businesses should be informed before they try to use this new Family and Medical Leave Act (FMLA) tax break. Basics of the new credit Employers who provide at least two weeks of

31 05, 2018

Taxes and Virtual Currencies: What You Need to Know

Virtual currencies are all the rage lately. Here are some tax consequences you must know if you decide to dip your toe in that world. The IRS is paying close attention The first thing to know is that the IRS is scrutinizing virtual currency transactions, so if you live in the U.S. you'll have