Article Highlights: • Replacing a Business Vehicle • Selling the Old Vehicle at a Loss • Trade-in is Treated as an Exchange • Prorate if Used for Business and Personal As the end of the year approaches, business owners may be thinking about replacing a business vehicle – profits from the business may be up, so the timing may be right to acquire a new vehicle, or the current … [Read more...] about Better to Sell or Trade a Business Vehicle?
Thinking of Becoming a Real Estate Flipper? Here’s a Primer on the Tax Rules Article Highlights:
• Definition of Flipping • Government Will Share in the Profits • Tax Treatment Depends on Being a Dealer, Investor or Homeowner • Distinguishing a Dealer from an Investor With mortgage interest rates low and home prices finally making a comeback, flipping real estate appears to be on the rise. This activity is even the theme of several popular reality TV shows. House flipping … [Read more...] about Thinking of Becoming a Real Estate Flipper? Here’s a Primer on the Tax Rules Article Highlights:
Congress Gives Small Employer HRAs the Green Light
Article Highlights: • 21st Century Cures Act • Background • Qualified Small Employer • Eligible Employees • Reimbursement Limits • Transitional Relief Congress has approved the 21st Century Cures Act, which includes a provision allowing small employers to reimburse their employees for medical expenses under a health reimbursement arrangement without being liable for the … [Read more...] about Congress Gives Small Employer HRAs the Green Light
Tax Benefits for Single Parents
Article Highlights: • Filing Status • Child Support • Alimony • Exemptions • Child Care Credit • Child Tax Credit • Earned Income Tax Credit If you are a single parent dealing with the complicated tasks of working and raising a family, there are some tax benefits and issues you should be aware of. Filing Status – Just because you are single or widowed does not mean you … [Read more...] about Tax Benefits for Single Parents
Not Business as Usual for Employers: W-2 and 1099-MISC Filing Dates Moved Up
Article Highlights: • Fraudulently Filed Tax Returns • Delayed Refunds • New W-2 and 1099-MISC Filing Due Dates • W-2 Extensions No Longer Automatic The IRS, in an effort to combat rampant tax filing fraud, has introduced what they hope will be two new fraud-prevention measures for the upcoming filing season. The first will purposely delay until February 15 the issuance of … [Read more...] about Not Business as Usual for Employers: W-2 and 1099-MISC Filing Dates Moved Up