November 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 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 … [Read more...] about November 2017 Individual Due Dates
Personal Tax
A Beginner’s Guide to Bookkeeping
If you’re a new business owner, you might not remember the last night you slept more than four or five hours. Your days may be filled with developing marketing strategies, screening potential employees and trying to figure out how to set up a bookkeeping system. If working with numbers isn’t your favorite pastime, the latter activity may be posing quite a challenge. If you can … [Read more...] about A Beginner’s Guide to Bookkeeping
They Are Phishing You. Don’t Take the Bait!
Article Highlights: Scams and Phishing on the Rise Email Phishing and Scams IRS Communications The Bait Unfamiliar Communications Forwarding Internet Links Elderly Individuals You are probably as tired of hearing about ID theft, phishing, phone scams and other schemes as you are of the political infighting in Washington. However, for most people, protecting themselves … [Read more...] about They Are Phishing You. Don’t Take the Bait!
Converted Your Traditional IRA to a Roth IRA? Worried You May Have Done It Too Soon if Tax Reform Passes?
Article Highlight: Converting Traditional IRA Funds to a Roth IRA Recharacterizations - Undoing the Conversion Benefits of Recharacterizations Recharacterization Timing When you convert a traditional IRA to a Roth IRA, you have to pay the tax on the conversion. However, individuals frequently do that this so they can take advantage of future tax-free accumulations. … [Read more...] about Converted Your Traditional IRA to a Roth IRA? Worried You May Have Done It Too Soon if Tax Reform Passes?
You May Be Able to Sell Profitable Stocks Without Paying Any Tax
Article Highlights: Capital Gains Rates Zero Tax Rate Wash Sale Tax Bracket Thresholds Loser Stocks Taxpayers whose top marginal tax bracket is lower than 25% enjoy a long-term capital gain tax rate of zero.Yes, you read correctly: the tax on any long-term capital gains for taxpayers within the 10% or 15% tax bracket is zero! This can provide you with the opportunity … [Read more...] about You May Be Able to Sell Profitable Stocks Without Paying Any Tax