Tax related

Article Highlights: • Under the 50-Employee Threshold • Determining the 50-Employee Threshold • Full-Time Employee • Equivalent Full-Time Employees • Information Return Requirements • SHOP Marketplace • Small Business Health Care Credit When Congress came up with the Affordable Care Act (ACA), they carved out two basic categories of businesses, those with 50 full-time … [Read more...] about Have Fewer Than 50 Employees?Here is How the Health Care Act Affects You

February 1 - 1099s Due to Service Providers If you are a business or rental property owner and paid $600 or more for the services of individuals (other than employees) during 2015, you are required to provide Form 1099 to those workers by February 1. "Services" can mean everything from labor, professional fees and materials, to rents on property. In order to avoid a penalty, … [Read more...] about February 2016 Business Due Dates

Article Highlights: 2016 standard mileage rates Business, charitable, medical and moving rates Switching between the actual expense and the standard mileage rate methods Special allowances for SUVs As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2016 optional standard mileage rates used to calculate the deductible costs of … [Read more...] about IRS Announces 2016 Standard Mileage Rates

Article Highlights: Applicable Large Employer Form 1095-C and Form 1094-C IRS Filing Due Date Copy to Employee Due date Effect on Filing Individual Returns Beginning for the 2015 tax year, Applicable Large Employers (ALEs) are required to file Forms 1095-C and 1094-C with the IRS and provide a copy of the 1095-C to each of their employees. An ALE is generally an … [Read more...] about Affordable Care Act Reporting Relief for Employers

Article Highlights: Acceptable Records Meals Spouse Expenses Food and lodging expenses are generally deductible when away from home for business purposes. This may be particularly beneficial for self-employed individuals who travel extensively. Like everything involving taxes, there are rules to follow. The IRS requires that lodging expenses (and other expenses of $75 or … [Read more...] about Tax Tips for the Well-Traveled Businessperson