Tax Tips

Business Tax Due Dates for 2016 Returns

As you’re preparing for the 2016 filing season, keep the due dates below in mind. Penalties for missed deadlines can be significant. Please note: As a result of various Congressional pro­visions, some of the dates differ from last year. You’ll also want to note that the extension deadline for Form 1065 remains September 15, as […]

The Rise of Identity Theft and Tax Scams: Avoid Being a Victim

Approximately 1 in 18 Americans have their identities stolen each year, according to the Bureau of Justice statistics. With such a consistent rise in identity theft and tax scams, it’s imperative that you keep your information safe and secure from criminals, not only in a work setting but also in your personal life. The most […]

Taxes & The Sharing Economy

If you use one of the many online platforms available to rent a spare bedroom, provide car rides, or to connect and provide a number of other goods or services, you’re involved in what is sometimes called the sharing economy. An emerging area of activity in the past few years, the sharing economy has changed […]

IRS Notices: If You Receive One, Don’t Panic

Receiving a notice from the IRS might cause instant panic, but there is typically no reason to be alarmed. Here are a few reasons why the IRS might send you a notice: • You have a balance due • You are due a larger or smaller refund • There is a question about your tax […]

The Dangers of Commingling of Business & Personal Funds

When your business and personal finances are not clearly divided, you can face serious tax consequences or even lose the limited liability protection that your corporation or LLC provides. When you commingle your funds, you are mixing business and personal funds and expenses. Some of the most common ways to commingle are: • Transferring money […]

Depreciating a Vehicle: Knowing your Luxury Auto Limits

Looking to purchase a new business vehicle? Choose carefully. The limit on the amount that can be deducted for depreciation varies by type of vehicle. Under §280F, passenger automobiles, trucks and vans are subject to special annual depreciation limits, known as luxury auto limits. These limits begin to apply for cars costing at least $19,000. […]

Using a 529 Plan to Save for College

With the high cost of postsecondary education, 529 plans remain a popular option for those looking to save for a child’s future education expenses. There are two types of 529 plans available: pre-paid tuition plans and college savings plans. Every state sponsors at least one of these types of plans. Eligible educational institutions may also […]

Six Facts You Should Know Before Deducting a Charitable Donation

If you gave money or goods to a charity in 2015, you may be able to claim a deduction on your federal tax return. Here are six important facts you should know about charitable donations. Qualified Charities. You must donate to a qualified charity. Gifts to individuals, political organizations or candidates are not deductible. An exception to this rule […]

New Federal Department of Labor Overtime Rules 

On May 18th, the Obama Administration issued a final ruling on new salary thresholds for exempt employees. The new rule changes the salary level at which an employee can be classified as exempt from overtime. Please review the following details if you are paying employees in your business and are subject to the Fair Labor Standards Act (FLSA). Currently, […]

Meals and Entertainment Expenses

Entertainment expenses that are both ordinary and necessary in carrying on a trade or business may be deductible if they meet one of the two tests: The directly related test, or The associated test Directly Related Test To meet the directly related test, you must show that the main purpose was the active conduct of […]