Article Highlights: • Child Under the Age of 19 or a Student Under the Age of 24 • Kiddie Tax • Tax on a Child’s Earned Income • Deduction for the Business • Employment Taxes • IRAs and Retirement Plans With school vacation time just around the corner and employees heading out for summer vacations, you might consider hiring your children to help out in your business. … [Read more...] about Tax Breaks for Hiring Your Children in Your Family Business
Short-Term Rental, Special Treatment
Article Highlights: Airbnb, VRBO, and HomeAway Rented for Fewer than 15 Days During the Year The 7-day and 30-day Rules Exceptions to the 30-Day Rule Schedule C Reporting If you are one of the many taxpayers who rents out a first or second home using rental agents or online rental services (such as Airbnb, VRBO and HomeAway) that match property owners with … [Read more...] about Short-Term Rental, Special Treatment
Do You Need a Mid-Year Tax Checkup?
Article Highlights: • Procrastination Can Lead to Unneeded Taxes & Penalties • Events That Create Tax Problems & Opportunities • Mid-Year Tax Checkup If you are inclined to procrastinate until the end of the year or, even worse, until tax-filing season to worry about your taxes, you may be missing out on opportunities to reduce your tax and avoid certain penalties. The … [Read more...] about Do You Need a Mid-Year Tax Checkup?
Scammers Impersonating IRS Agents Called You Yet?
Article Highlights: • Scams Impersonating IRS Agents • Protecting Against Scams • Protecting Against ID Theft • What to Do If Your ID Has Been Compromised The Treasury Inspector General for Tax Administration (TIGTA) has indicated it is making significant progress in its investigation of the IRS impersonation scams that are sweeping the nation, causing reported taxpayer … [Read more...] about Scammers Impersonating IRS Agents Called You Yet?
June 2016 Individual Due Dates
June 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 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 insufficient to cover the … [Read more...] about June 2016 Individual Due Dates