One major difference between being an employee and being self-employed is how you deduct the expenses you incur related to your work. If you are self-employed, you’re able to deduct expenses on your business schedule, but is you are an employee you are limited to deducting them as itemized deductions.
Internal Revenue Service Announced 2017 Mileage Rates As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Habits That Threaten Your Identity and Pocketbook We all do things without thinking due to old habits – however, these habits might be creating vulnerable hacks, ID theft, scams and Internet phishing schemes to separate us from our hard-earned money. Take a look at the following:
With 2017 less than a month away, it’s time to focus on getting everything organized in QuickBooks. Hopefully, you’ve been creating new records, entering transactions, paying employees and submitting payroll taxes, recording payments in addition to running the necessary reports.
Are you a high-income taxpayer who would like to contribute to a Roth IRA but cannot because of income limitations? Well, here is a work-around that will allow you to fund a Roth IRA.
Time Is Running Out! If you did not file your 2015 return by the normal April due date and requested an extension, be aware that the final due date for your return is October 17, 2016. The date is normally October 15, but that falls on a weekend this year, giving you two extra days to meet […]
Did you know that in addition to winning an Olympic medal, they are also compensated by the U.S. Olympic Committee with prize money: $25,000 for a gold medal, $15,000 for a silver medal and $10,000 for a bronze medal?
Billions of dollars go unclaimed every year from federal and state governments, financial institutions and companies no longer generating activity. Everything from tax refunds, savings or checking accounts, stocks, uncashed dividends or payroll checks, traveler’s checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, […]
Special Tax Filing Issues With modern transportation the world continues to shrink, and it is increasingly common for a U.S. citizen to marry someone from another country who is not a U.S. citizen. If this describes your marital circumstances, there are some special tax filing issues you will have to deal with. Based on your particular […]
The IRS is now auditing to see if too much home equity debt interest is being deducted from your taxes. Remember, equity debt is debt not incurred to acquire or improve the home and taxpayers frequently exceed the equity debt limit and fail to adjust their interest deduction accordingly. Normally, you are allowed to deduct […]
