Tax Tips

Request Form W-9 Before Payment

When non-employees perform work for you in your trade or business, it’s important to obtain a Form W-9, Request for Taxpayer Identification Number (TIN) and Certification, before paying them. Taxpayers use a Form W-9 to provide their correct TIN to the person who is required to file an information return with the IRS to report […]

Other Tax-Saving Options: There Are Many Ways To Save

Like retirement plans, there are additional education and healthcare related plans that may help you lower your taxable income. 529 Education Savings Plans 529 plans are operated by a state or educational institution and offer tax advantages and potential incentives. These plans make it easier to save for college for a designated beneficiary, such as […]

Contributing to a Retirement Plan Can Save You Money

Investing the maximum allowable contribution per year to a retirement account is a great way to reduce your taxable income. Below, are several types of accounts that are available to taxpayers. Traditional 401(k) Plans 401(k) plans are a common way for businesses to help employees save for retirement. Traditional 401(k) contributions are not considered taxable […]

Your Company Picnic: Employee Gatherings May Be Tax Deductible

Do you throw a holiday party, summer outing or a similar type of event for your employees? The expense of providing recreational, social or similar activities (including the use of a facility) for your employees is deductible and isn’t subject to the 50% limit. However, the benefit must be primarily for employees who aren’t highly […]

Do You Qualify for a Home Office Tax Deduction?

If you have a home office or a space in your home dedicated to conducting business, you may qualify for a home office deduction. However, there are some requirements that must be met: The business part of your home must be used regularly and exclusively for business purposes. This space must be your principal place […]

Tips for Taxpayers: Is That Really the IRS?

The IRS initiates most contacts through regular mail delivered by the United States Postal Service. However, there are special circumstances in which the IRS will call or come to a home or business, such as when a taxpayer has an overdue tax bill, to secure a delinquent tax return or a delinquent employment tax payment, […]

Know Your Audit Risk

Nearly every taxpayer can imagine a worst-case scenario where they run afoul of the IRS and are selected for an audit. Here are a few areas that tend to get unwanted audit attention and ideas to help you stay prepared. Your audit risk is (probably) low. The first thing to remember is that the risk of […]

Who Should File a 2016 Tax Return?

Most people file a tax return because they have to. But even if you don’t have to file, there are times when you should – because you may be eligible for a tax refund without being aware of it. The six tax tips below should help you determine whether you fit into that category. General […]

Tax-Planning Tips for 2017

Big changes may be on the way for the 2017 tax year. Thankfully, you can ensure your finances stay in line with your expectations by planning ahead. With the right approach, you can keep your taxable income low to reduce your obligations and keep more of your earnings. Here are five smart planning tips you […]

Claiming EITC or ACTC Tax Credits

For those of you filing early and claiming either the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), the IRS will process your returns, but will not issue refunds before Feb. 15. The reason for this is the PATH Act of 2015, which requires the IRS to hold the refund for […]