Personal Tax

Article Highlights: Home OfficeQualificationsActual-Expense MethodSimplified MethodIncome LimitationEmployee Deduction  “Home office” is a type of tax deduction that applies to the business use of a home;the space itself may not actually be an office. This category also includes using part of a home for storing inventory (e.g., for a wholesale or retail business for … [Read more...] about Good and Bad News About The Home Office Tax Deduction

Article Highlights: Increase In Standard DeductionLoss of Personal ExemptionsChanges to Itemized DeductionsBunching StrategyEmployee Business ExpensesBusiness Expensing20% Flow-through Income DeductionChange in Treatment of AlimonyCasualty Losses, Home Equity Interest and Moving No Longer Deductible Tax reform has changed the way most taxpayers need to think about … [Read more...] about Preparing for Taxes for 2018 and Beyond

May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 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 May 2018 Individual Due Dates

There are a lot of perfectly reasonable reasons for not having filed your income taxes. Many people who fail to file are new to the job market, and never having filed before may simply have been unaware of the requirement to do so. Some people know but are too overwhelmed with other life events, including illnesses, death, or job loss. Whatever your reason and whether you’ve … [Read more...] about I Didn’t File My Tax Return; Now What?

Cloud accounting is a big idea that brings with it a lot of lofty implications, but if you had to distill all of that down to its bare essentials it would probably look at lot like this:  Right now, if you want to manage the financial side of your small business, you probably have to be in your office to do so. You have to be sitting in front of a very specific computer, … [Read more...] about Why It Might be Time for Your Small Business to Migrate to Cloud Accounting