This is Part 1 of 2 in a series on the proposed Tax Cuts and Jobs Act. This part covers the provisions that apply to individual taxpayers. Part 2 covers the small-business provisions. The House of Representatives Way and Means Committee has finally released their version of the long-promised tax-reform legislation. This is the first […]
So, why do we think early tax planning is appropriate this year? Actually, with the prospect of major tax reform on the horizon, some strategies can be employed before the end of the year that can substantially reduce your 2017 tax bill. The proposed GOP tax reform is actually only a framework for future tax […]
If you are a small business owner, whether you hire people as independent contractors or employees will impact the amount of taxes you withhold from their paychecks as well as how much and what types of taxes you pay. Furthermore, it will affect how much additional cost your business must bear, what documents and information […]
As Congress begins debating tax reform, you might be interested in an overview of the GOP’s proposed changes so you’ll have an understanding of what the proposals actually entail as you follow the debate and won’t have to rely on politically motivated analysis by the various media sources. It is important to understand that the […]
A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately, not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities. Interest […]
Let’s say you have a regular customer who used to pay on time, but he’s been hit-and-miss lately. How do you get him caught up? Or, one of your customers thinks she’s paid you more than she owes. How do you straighten out this account? Both of these situations have a similar solution. QuickBooks’ statements […]
Many retirees have insufficient financial resources to keep up with inflation and the ever-increasing costs of medical care. What options do these seniors have, especially if they have a mortgage on their home and their retirement income is too low to cover their mortgage payments with enough left over for some enjoyment in their golden […]
We’ve discussed at length in the past about how cash flow is ultimately one of the most important factors of a business that far too many people just aren’t paying enough attention to. Cash flow maintenance is about more than just knowing how much money is coming in versus how much money is going out. […]
October 10 – 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 10. Your employer is required to withhold FICA taxes and income tax withholding […]