We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities and $35,830 for students at private non-profit, four-year institutions. These...
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list is not all-inclusive, so there may be additional deadlines that apply to you. Contact us to make sure you are...
If you are self-employed and do not have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even...
As teachers head back for a new school year, they often pay for various expenses for which they do not receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses...
If you are like many people, you have worked hard to accumulate a large nest egg in your traditional IRA (including a Simplified Employee Pension-IRA). It is even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA...
Have staffers complained because their expense reimbursements are taxed? An accountable plan can address the issue. Here is how accountable plans work and how they benefit employers and employees. Be reasonable Under an accountable plan, reimbursement payments to employees will be free from federal income and employment...
If you are lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, however, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must...
Years ago, Congress enacted the ‘kiddie tax’ rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today....
You may have heard of the ‘nanny tax,’ but even if you do not employ a nanny, it may apply to you. Hiring a housekeeper, gardener, or other household employee (who is not an independent contractor) may make you liable for federal income and other...
There is good news about the Section 179 (Sec. 179) depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased...