June 12 - 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 12. 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 2017 Individual Due Dates
Personal Tax
Financial KPIs: What They Are and What You Need to Know
As a small business owner, the importance of making purpose-driven decisions is something that cannot be overstated enough. Every choice that you make must be one with a particular goal in mind – whether it's to attract new customers, increase revenue, decrease expenditures, increase liquidity, etc. But simply making the decision itself is not enough – you also have to find a … [Read more...] about Financial KPIs: What They Are and What You Need to Know
Using Home Equity for Business Needs
Article Highlights: Business Interest Home Mortgage Interest Excess Interest Standard Deduction Alternative Minimum Tax Self-Employment Tax Allocations Small business owners frequently find it difficult to obtain financing for their businesses without pledging their personal assets. With home mortgage interest rates at historic lows, tapping into your home equity is … [Read more...] about Using Home Equity for Business Needs
Want to Reduce Required Minimum Distributions and Extend Your Retirement Benefits?
Article Highlights: Required Minimum Distributions (RMDs) Qualified Longevity Annuity Contracts Reduced RMDs A Form of Longevity Insurance Delayed Taxes If you are one of the boomer generation, and if you find that your required minimum distributions (RMDs) from qualified plans and IRAs are providing unneeded income (along with a high tax bill), or if you are afraid … [Read more...] about Want to Reduce Required Minimum Distributions and Extend Your Retirement Benefits?
Thinking of Tapping Your Retirement Savings?Read This First
Article Highlights: Early-Withdrawal Penalties Reduction in Retirement Savings Exceptions from the Early-Withdrawal Penalty If you are looking for cash for a specific purpose, your retirement savings may be a tempting source. However, if you are under age 59½ and plan to withdraw money from a traditional IRA or qualified retirement account, you will likely pay both income … [Read more...] about Thinking of Tapping Your Retirement Savings?Read This First