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Most people don’t think about taxes on their way to the track or casino, but what might seem like nothing more than the chance to win some extra money actually carries significant tax implications. As is often the case, federal and state governments single out casino winnings for unique taxes of their own. Failure to properly report your haul may result in penalties and headaches, so be aware of...

The restaurant industry has areas that are totally specific to it. Those who want to get into that area, who want to do it right, need to become experts in those areas that really differentiate that industry: Most restaurant clients are tax oriented clients; sometimes you will have audits if you have a large restaurant group or franchise with a significant amount of debt level. Within the tax...

Taxpayers have fundamental rights under the law. The Taxpayer Bill of Rights presents these rights in 10 categories, which can help taxpayers when they interact with the IRS. This post highlights a list of taxpayer rights and the agency’s obligations to protect them. 1. The Right to Be Informed. Taxpayers have the right to know what is required to comply with the tax laws. They are entitled to...

This time of year our thoughts turn to giving– to friends, family, and to charity. And it is also the time of year that we begin to think about – taxes. If you volunteer, you may be wondering “how does volunteering for a charity affect my taxes?”. Though the time you give to a charity is priceless, the value of your time is not tax deductible on your tax return. That may not seem fair, but it is...

It’s hard to believe that the holiday season is already upon us and the year will be coming to a close soon! Now is a great time to make some end of season tax moves to help lower your tax bill and increase your tax refund come tax time. Once the year ends, so do most of your opportunities to reduce your 2016 taxes. Here are 10 quick and easy end of year tax tips you still have time to take...

When the year begins to wind down, many small businesses wonder if there are any last-minute tax tips that can save some money when they pay taxes. After all, once the year is up you may lose the ability to claim certain deductions or benefits, so it makes sense to ensure you’re taking advantage of every opportunity available. Here are some small business tax tips that can work for year-end...

Organizations across the country are responding to the U.S. Department of Labor’s new overtime salary threshold by reclassifying some of their exempt employees into overtime-eligible nonexempts. Starting Dec. 1, the new DOL rules take effect that nearly double the salary threshold at which most salaried workers become exempt from having to be paid overtime. The overtime ceiling will rise from...

Self-employment can be hard, but if it was easy, everyone would do it, right? In an attempt to lighten your load and ease your burden, whether you are just trying to make the October 17 tax extension deadline, figuring out estimated taxes, or are gearing up for next tax season, take a look at these six tax tips for the self-employed and some of the most missed tax deductions. Work Expenses and...

As a business owner, you probably thrive in a DIY environment; but the more hats you wear, the less you’ll accomplish successfully. Accounting is one of the most important areas for keeping your company profitable. As you start out and your company grows, software can only take you so far. A CPA can help your company move forward. Below are reasons why your business needs a CPA in all stages of...

10 Back To School Tax Tips With the start of school just around the corner, taxpayers need to be aware of the following tax tips and deductions available for qualifying expenses: Private School Tuition and School Uniforms The cost of private school or parochial school tuition is not deductible. However, the child care component costs of private school tuition for children under 13 may qualify the...