Tax Tips

Top 10 Tips to Know if You Get a Letter from the IRS

The IRS mails millions of notices and letters to taxpayers each year. There are a variety of reasons why you might receive a notice. Here are the top 10 tips to know in case you get one. 1. Don’t panic. You often can take care of a notice simply by responding to it. 2. An IRS […]

Good Records Key to Claiming Gifts to Charity

Keeping good records is key to qualifying for the full charitable contribution deduction allowed by law. In particular, this includes ensuring that you have received required statements for two contribution categories—each gift of at least $250 and donations of vehicles: To claim a charitable contribution deduction, you must get a written acknowledgement from the charity for all […]

Are You Self-Employed? Check Out These IRS Tax Tips

Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips about income from self-employment: SE Income. […]

New IRA Rollover Limit: Court Case Changes the Rules

Generally, when a distribution from an IRA is repaid within 60 days, it isn’t included in gross income. An individual is permitted to make only one such rollover during any one-year period. At the beginning of the year, IRS Publication 590, Individual Retirement Arrangements (IRAs), stated that this limitation is applied on an IRA-by-IRA basis. […]

Bike to Work: Commuting Reimbursement Could Be a Win-Win

An employer can reimburse reasonable expenses of qualified bicycle commuting. Reasonable expenses include the purchase of a bicycle, improvements or repairs to a bicycle, and storage. The IRS allows you to offer your employees a nontaxed employee fringe benefit of $20 per qualified bicycle commuting month during that year. A qualified commuting month is any […]

2014 Standard Mileage Rates

Beginning on January 1, 2014, the standard mileage rates for the use of a vehicle are: 56 cents per mile driven for business purposes (22 cents for depreciation). 23.5 cents per mile driven for medical or moving purposes. 14 cents per mile driven in service of a charitable organization.

Moving? Why You Need to Notify the IRS and the USPS Separately

Moving can be stressful; but not receiving a payment or notice from the IRS will only add to that stress. The IRS only initiates contact with taxpayers by mail, so it’s important that they have your correct address. Just because you submit a change of address with the U.S. Postal Service (USPS) doesn’t mean all […]

Doing Business in More Than One State? Take a Closer Look

For a long time, “doing business in another state” simply meant setting up shop in a state other than your state of residency. These days, there’s a lot more to it. Do you have customers in other states? Do you sell your goods online? Do you have an employee who telecommutes from another state? The […]

New Retirement Account Available to Your Employees

The U.S. Department of the Treasury has developed the myRA program, short for My Retirement Account. This new Roth IRA retirement savings account is for individuals looking for a simple, safe, and affordable way to start saving. Employees can open an account with as little as $25 and contribute $5 or more every payday. Balances […]

Am I required to provide health insurance coverage to my employees?

While no employer has to offer health insurance coverage, some larger businesses may have to make an Employer Shared Responsibility Payment. This could apply to employers of different sizes at different times. If your business has: Fewer than 50 employees, you’re not subject to the Employer Shared Responsibility parts of the law any year. You may […]