Article Highlights: • Household Employee Definition • Employee Control Factors • Self-employed or Employee • Withholding Requirements • Reporting Requirements Frequently taxpayers will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at the end of the year, the big … [Read more...] about Household Help: Employee or Contractor?
Personal Tax
Not All Home Mortgage Interest Is Deductible; The IRS is Watching
Article Highlights: • Acquisition Debt • Equity Debt • Tracing Excess Debt • Unsecured Election One of the current IRS audit initiatives is checking to see if taxpayers are deducting too much home equity debt interest. Generally, taxpayers are allowed to deduct the interest on up to $1 million of home acquisition debt (includes subsequent debt incurred to make improvements, … [Read more...] about Not All Home Mortgage Interest Is Deductible; The IRS is Watching
February 2016 Individual Due Dates
February 1 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 1 - File 2015 Return to Avoid Penalty for Not Making 4th Quarter Estimated Payment If you file your prior year’s return and pay any tax due by this date, you need not make the 4th Quarter Estimated Tax … [Read more...] about February 2016 Individual Due Dates
Are You Ignoring Retirement?
Article Highlights: Predicting Social Security Income Planning for the Future Employer Retirement Plans Tax Incentive Retirement Savings Plans Are you ignoring your future retirement needs? That tends to happen when you are younger, retirement is far in the future, and you believe you have plenty of time to save for it. Some people ignore the issue until late in life … [Read more...] about Are You Ignoring Retirement?
Jointly or Separately – How to File After Saying I Do
Article Summary: Filing Options Married Filing Jointly Unpleasant Consequences Pleasant Consequences Married Filing Separately A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married … [Read more...] about Jointly or Separately – How to File After Saying I Do