August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are … [Read more...] about August 2018 Individual Due Dates
Offer in Compromise FAQs
We’re all responsible for paying our fair share of taxes each year. But what happens when the amount that you owe is simply out of reach? What happens if you failed to make payments in a timely manner and your financial circumstances have shifted to the point where your cumulative debt is beyond your ability to pay? In the face of this untenable position, your best option for … [Read more...] about Offer in Compromise FAQs
Health Savings Accounts Fill Multiple Tax Needs
Article Highlights: Medical Savings AccountRetirement AccountHigh-Deductible PlanEligible IndividualsMonetary Qualification for an HSA Qualification ChartMaximum ContributionsEstablishing an HSA The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals … [Read more...] about Health Savings Accounts Fill Multiple Tax Needs
Clergy Tax Benefits Under Fire
Article Highlights: Parsonage AllowanceIncome Tax ExclusionPending Court CaseTax Reform Suspension of Employee Business ExpensesSelf-Employment Tax Section 107 of the Internal Revenue Code provides that a minister of the gospel’s gross income doesn’t include the rental value of a home (parsonage) provided; if the home itself isn’t provided, a rental allowance paid as part … [Read more...] about Clergy Tax Benefits Under Fire
Big Changes for Vehicle Tax Deductions
Article Highlights: Standard Mileage RatesActual Expense MethodVehicle DepreciationVehicle Interest ExpensesSale or Trade-in of a Business VehicleEmployees In the past, the business use of a vehicle was determined either by using the standard mileage rate for business or using actual expenses plus vehicle depreciation limited by the luxury auto caps. That continues to be … [Read more...] about Big Changes for Vehicle Tax Deductions