Personal tax exemptions and the standard deduction have looked largely the same for quite some time. But, in light of the Tax Cuts and Jobs Act (TCJA) passed last year, many individual taxpayers may find themselves confused by the changing face of these tax-planning elements. Here are some clarifications. For 2017, taxpayers can claim a [...]
The say one person’s trash is another person’s treasure. This may hold true when it comes to collectibles – those various objets d’art for which many people will pay good money. But if you’re considering selling or donating some of your precious items, be sure to consider the tax impact on your 2017 return. Sales [...]
The clock is ticking down to the tax filing deadline. The good news is that you still may be able to save on your impending 2017 tax bill by making contributions to certain retirement plans. For example, if you qualify, you can make a deductible contribution to a traditional IRA right up until the April [...]
Keeping up with the complexity of the Internal Revenue Code is challenging for an individual and even more so for a business owner. But, if you’re someone who handles both roles – an owner-employee – the difficulty level is particularly high. Nonetheless, it’s important to stay up to speed on your specific obligations. As you’re [...]
2018 has begun. Does your accounting to-do list look like a clean slate, or are critical 2017 tasks still nagging? Getting all of your accounting tasks done in December is always a challenge. Besides the vacation time you and your employees probably took for the holidays, there are those year-end, Let’s-wrap-it-up-by-December-31 projects. How did you [...]
January 16 Individual taxpayers’ final 2017 estimated tax payment is due. January 31 File 2017 Forms W-2 (“Wage and Tax Statement”) with the SSA and provide copies to your employees. File 2017 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments in box 7 with the IRS and provide copies to recipients. Most employers must file [...]