Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, help family members, or see their loved ones enjoy the gifts. If you are considering lifetime gifts, be aware that which assets you give...
Employers: For Social Security, Medicare, and withheld income tax, file IRS Form 941 for the third quarter of 2018. Deposit any undeposited tax under the accuracy of deposit rules. (If your tax liability is less than $2,500, you can pay it in full with a...
In today’s tightening job market, to attract and retain the best employees, small businesses need to not only offer competitive pay but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let us take a quick look at some popular options. Insurance Businesses...
If your company makes sales to out-of-state buyers, do you need to collect state sales tax? Until recently, Supreme Court decisions from the 20th century declared that would not necessarily be the case. Example one: ABC Corporation (ABC), based in Alabama, sends a catalogue to customers...
If you are age 70½ or older, you can make direct contributions (up to $100,000 annually) from your individual retirement account (IRA) to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts...
Individuals: If you have an automatic six-month extension to file your income tax return for 2017, file IRS Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due. Employers: For Social Security, Medicare, withheld income tax, and non-payroll withholding, deposit the tax for...
For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you...
If you are charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains...
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind this list is not all-inclusive, so there may be additional deadlines that apply to you. Contact us to make sure you are meeting...
Taxpayers who itemize deductions on Schedule A of their tax return have been able to deduct outlays for state and local income tax as well as property tax with no upper limit. (State and local sales tax may be deducted instead of income tax). However,...