Blog posts from: 2016
Summertime tax tips
The Internal Revenue Service regularly provides tax tips via email to provide timely reminders to taxpayers and preparers about tax breaks and requirements year-round, and its advice can be particularly helpful this summer. Vacation Home Rentals If your clients rent...
10 tips for amending your tax return
Recently, the IRS shared ten tips for individuals who wish to fix mistakes or omissions on their tax return by filing an amended tax return. If you find yourself in this situation, these tips can help. File on paper. Use Form 1040X,...
Guest Author Scott Salaske: Does your business accept credit cards? Learn how to lower your costs
Anytime most business owners hear the phrase “credit card processing”, they begin to get a cold chill down their spine and quickly want to change the topic. Fortunately, or unfortunately, credit card processing is a necessary function (or evil) in...
Wondering why you still owe money at tax time? It may be the multiple-employer trap
This article appeared in Accounting Today. All across America, hard-working people receive their personal income tax returns and wonder why they still owe money at tax time. For some the answer is that they sacrificed adequate withholding to receive more...
Make estate planning a top priority this summer
As Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.” Estate planning may not be a top priority to many people. However, if ignored, your assets may end up in the...
Six lessons for students holding a summer job
School’s out, but students who hold summer jobs need to learn one more lesson: summer jobs can represent an opportunity for students to learn about the tax system. Not all of the money they earn will be included in their...
Cost segregation in estate planning
One of the most effective ways to reduce the federal income tax burden on a recently deceased taxpayer’s estate is by conducting a cost-segregation study of the original pre-stepped-up basis of buildings the decedent held. This typically generates an immediate...
Scam Alert: Beware of Orlando-related charity scams
The Internal Revenue Service has issued a consumer alert about possible fake charity scams emerging due to the recent mass shooting in Orlando, Fla., and encouraged taxpayers to seek out recognized charitable groups. While there has been an enormous wave of support...
Getting married soon? Give Social Security your new name
[caption id="attachment_3534" align="alignright" width="300"] Couple holding hands[/caption] Every year, June marks the beginning of two busy seasons: summer and “wedding season.” With joyful expectation, many of us have already marked our calendars and started wrapping up our plans for the...
Guest Author Heather G. Ptasznik: FLSA white collar exemption changes approved … Are you ready?
On May 19, 2016, the Department of Labor (“DOL”) issued its final rule regarding the Fair Labor Standards Act (“FLSA”). This ruling will have nationwide sweeping implications for most private and public employers as it pertains to who is exempt...