October 13 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 13. 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 October 2015 Individual Due Dates
Personal Tax
Are Charity Auction Purchases Deductible Contributions?
Article Highlights: Purchase of Items At Charity Auction Auction Donor Appreciated Property Fair Market Value (FMV) Unrelated Use It is common practice for charities to hold auction events where attendees will bid upon and purchase items. The question often arises whether the money spent on the items purchased constitutes a charitable donation. The answer to that … [Read more...] about Are Charity Auction Purchases Deductible Contributions?
Family Courts Don’t Always Pay Attention to Federal Tax Law
Article Highlights: Family Court Errors Property Settlements Children Alimony Conflicts of Interest All too often, family law courts make rulings that are contradictory to federal tax law, causing confusion and inequity in divorce actions since family court rulings cannot trump federal tax law. An issue for divorced parents is who gets to claim the children for tax … [Read more...] about Family Courts Don’t Always Pay Attention to Federal Tax Law
Gifting Money or Property Can Have Serious Tax Consequences
Article Highlights: Gift and Inheritance Tax Lifetime Exclusion Annual Exclusion Gift and Inheritance Basis Issues Additional Tuition & Medical Exclusion Gift and inheritance taxes were created long ago to prevent an individual’s assets from being passed on to future generations free of tax. Congress has frequently tinkered with these taxes, and currently the gift … [Read more...] about Gifting Money or Property Can Have Serious Tax Consequences
Sole Proprietorship – Is The Risk Worth It?
Article Highlights: Reporting Sole Proprietorships On Your 1040 Business Checking Account Local Business Licenses Resale Permits & Payroll Reporting Personal Liability If you are considering starting a business, the simplest and least expensive form of business is a sole proprietorship. A sole proprietorship is a one-person business that reports its income … [Read more...] about Sole Proprietorship – Is The Risk Worth It?