March 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 12. 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 March 2018 Individual Due Dates
Personal Casualty Losses Axed by the New Tax Law
Article Highlights: Casualty LossesDeduction SuspensionDisaster Related Casualty LossesInsurance Coverage Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December 2017, could affect you and your family, in both 2018 and future years. This … [Read more...] about Personal Casualty Losses Axed by the New Tax Law
First-Year Start-Up Tax Issues
If creating a start-up business were an easy thing to do, then a lot more people would be doing it. For those who make the decision to fulfill their dreams and go for it, success relies on being fully prepared. Some of the most common stressors encountered by entrepreneurs involve tax liabilities, whether business is booming or they’re struggling to keep their head above water. … [Read more...] about First-Year Start-Up Tax Issues
Employee Business Expenses & Tax Reform
Article Highlights: Miscellaneous Itemized Deductions Subject to the 2% AGI FloorEmployee Business Expenses Employee Reimbursement Plan (Accountable Plan) Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, … [Read more...] about Employee Business Expenses & Tax Reform
Tax Reform Cracks Down on IRA Recharacterizations
Article Highlights: Tax Trap Traditional IRARoth IRATraditional to Roth ConversionsUndoing a Conversion Note: The is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect you and your family in 2018 and future years, and offering … [Read more...] about Tax Reform Cracks Down on IRA Recharacterizations