September 1 – 2017 Fall and 2018 Tax Planning Contact this office to schedule a consultation appointment. September 11 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 […]

Article Highlights: Substantiation and Documentation Requirements Deductions of less than $250 Deductions of $250 to $500 Deductions over $500 but not over $5,000 Deductions over $5,000 Qualified Appraisal Appraisal Timing A commonly overlooked requirement of taking a tax deduction for donating clothing and household goods to charity is the substantiation requirement, for both what is […]

Running your own business is a complicated affair with a wide range of different “moving parts” to concern yourself with, but many people don’t realize how many of them ultimately lead back to your finances until it’s far too late. A large part of your ability to be successful in the long-term will ultimately come […]

Article Highlights: Sec. 529 plans Coverdell Education Savings Accounts American Opportunity Tax Credit The Lifetime Learning Credit Qualified Education Loan Interest Figuring out how to pay for your child’s trade school or college education can be challenging, and the earlier you create your plan and begin executing it, the greater your chances are of having […]

Article Highlights: Research Credit Payroll Tax Option Research Credit Qualified Research Qualified Small Business A little-known tax benefit for new, qualified small businesses is the ability to apply a portion of their research credit – no more than $250,000 –to pay the employer’s share of their employees’ FICA withholding requirement (the 6.2% payroll tax). This […]