Expenses That Teachers Can and Can’t Deduct on Their Tax Returns
As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there [...]
Taking Distributions From Your Traditional IRA
If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing [...]
Should You Elect S Corporation Status?
Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their [...]
Are You Engaged in Internet Sales in California?
Are you engaged in Internet sales in California? In light of changes to sales and use tax that became effective in April, some retailers may not be certain if they must collect and pay over [...]
What To Do If Your Business Receives a “No-Match” Letter
In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the [...]
Is It Time to Hire a CFO or Controller?
Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good thing — the company has grown to a point where simple bookkeeping and basic [...]
The Tax Implications of Being a Winner
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win [...]
The IRS is Targeting Business Transactions in Bitcoin and Other Virtual Currencies
Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And [...]
IRS Unveils New Tax Withholding Estimator
The IRS has unveiled its latest online tool, the "Tax Withholding Estimator." The estimator, which replaces the "Withholding Calculator," assists workers, retirees, self-employed individuals, and other taxpayers in determining how much income tax should be [...]
Taking a Long-Term Approach to Certain Insurance Documentation
After insurance policies expire, many businesses just throw away the paper copies and delete the digital files. But you may need to produce evidence of certain kinds of insurance even after the coverage period has [...]