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The 2017 tax filing season has been officially underway for just more than a week. Lots of folks have already filed their returns. And, according to ecstatic posts on social media, some have received their refunds. Other taxpayers, however, are waiting to file. Form-ulaic delay: Why the delay. In a lot of cases, folks haven’t yet received their W-2s, 1099s and other documents with the data...

The Internal Revenue Service today reminds employers that the due date for filing Forms W-2, the Wage and Tax Statement for their employees for calendar year 2016, is now Jan, 31, 2017. Also, those who hire contract workers and have to file Form 1099-MISC now must file by Jan. 31. The new deadline applies whether an employer e-files or files a paper Form W-2. Employers who pay an employee $600 or...

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...

The Internal Revenue Service announced that annual inflation adjustments will affect more than 50 tax provisions, including the tax rate schedules, and will result in tax benefits to increase slightly in 2017. Here are some highlights of the changes: The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 from the prior year. For single taxpayers and married...

The IRS extended the 2017 due date for employers and coverage providers to furnish health coverage statements to individuals. The due dates to file those returns with the IRS are not extended. This chart can help you understand the upcoming deadlines. (This chart applies only for reporting in 2017 for coverage in 2016) Action 2017 Reporting Due Dates for… Applicable Large Employers – Including...

As an employer, your size – for purposes of the Affordable Care Act – is determined by the number of your employees. If you hire seasonal or holiday workers, you should know how these employees are counted under the health care law. Employer benefits, opportunities and requirements are dependent upon your organization’s size and the applicable rules. If you have at least 50 full-time employees,...

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...

New Law Sets Jan. 31 W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15 A new federal law moves up the W-2 filing deadline for employers and small businesses to Jan. 31. The new law makes it easier for the IRS to find and stop refund fraud. It also delays some taxpayer refunds. Those taxpayers claiming the Earned Income Tax Credit or the Additional Child Tax Credit won’t see refunds until...

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...