Article Highlights: American Opportunity Credit provides up to $2,500 of tax credit for the cost of post-secondary tuition in each of the first four years of attendance. The credit may be partially refundable. Credit is claimed on the tax return of the individual claiming the student’s tax exemption. The $2,500 credit is a per-student limitation, so the credit can be … [Read more...] about Maximize Your American Opportunity for Education Tax Benefits
Did You Collect the Needed W-9s?
Article Highlights: The IRS Form W-9 is used to obtain independent contractors’ tax ID numbers. Tax ID numbers are required when filing 1099s. 1099-MISCs must be issued to independent contractors that are paid $600 or more during the year for performing services for a trade or business. If you used independent contractors to perform services for your business or trade, and … [Read more...] about Did You Collect the Needed W-9s?
16 Tax Issues Facing Small Business Owners in 2014
2014 will be a challenging tax year for businesses and higher-income taxpayers. The following issues are concerns that may impact you and your company’s tax liability in the new year. Small Business Health Insurance Credit – The tax credit to small employers (25 or fewer equivalent full-time employees) that provide an affordable health insurance plan for their employees and … [Read more...] about 16 Tax Issues Facing Small Business Owners in 2014
December 2013 Business Due Dates
December 16 - Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the tax for payments in November. December 16 - Nonpayroll Withholding If the monthly deposit rule applies, deposit the tax for payments in November. December 16 - Corporations The fourth installment of estimated tax for 2013 calendar year corporations is … [Read more...] about December 2013 Business Due Dates
December 2013 Individual Due Dates
December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2013. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2013 should call for a tax planning consultation appointment. December 10 - Report Tips to Employer If … [Read more...] about December 2013 Individual Due Dates