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The Internal Revenue Service today issued a warning of 2017 tax refund delays for certain taxpayers, urging folks to adjust their tax withholding now. We’re talking about your 2016 taxes that are due April 15, 2017. There’s good reason to pay attention—at least there’s something you can do about it. A couple things are to blame. First, a new tax law effective next year requires the IRS to hold...

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...

Whether you’re currently out of work, or gainfully employed but want to seek other employment opportunities, if you decide to start looking for a new job this summer, the tax code can help. Here are five quick facts about to deduct job hunting expenses. You Must Look for Work in the Same Field. Your job hunting expenses are tax deductible only if they are in pursuit of employment in the same...

You’ve been saving money for college since junior was a baby, and now he’s going off to college. That’s wonderful, but before you withdraw funds from your 529 plan to pay college expenses, there are a few things you should know. The 529 plan doesn’t rule out financial aid. Those funds are treated as the parent’s assets, and so will result in less of a reduction on eligibility for financial aid...

No matter your goals for a second home, understanding the tax breaks for your vacation residence can help you relax in style. What is a Vacation Home? First, you’re going to have to unlearn your definition of a vacation home. According to the IRS, a vacation home can be any residence that has sleeping space, cooking space, and is “permanent in place”. In this case, permanent doesn’t mean...

It’s summertime, which means the IRS is busy sending out letters to taxpayers if there were issues processing the returns filed this spring. Receiving any correspondence from the IRS can be intimidating, but it doesn’t have to be. Check out these tips for what to do if you receive a letter from the IRS. Don’t panic. You can usually deal with a notice simply by responding to it. Most IRS notices...

Have you been using some help around the house? Hiring a babysitter or other house staff could be a luxury or a necessity. Regardless, this activity, under the right circumstances, could affect your taxes. If you hire a babysitter or other house staff, you may need to: Report the amount you paid to this employee to the IRS when you file your taxes. Pay employment taxes, income taxes, and...

The Internal Revenue Service today reminded people with home-based businesses completing their 2015 federal income tax returns that they can use the simplified home office deduction when claiming a deduction for business use of a home. In tax year 2013, the most recent year for which figures are available, more than 3.4 million taxpayers claimed deductions totaling just over $9.6 billion for...

Owning your own business can be rewarding, but as most entrepreneurs know, it also means a lot of work, much more than a traditional salary-based job working for someone else. With all the responsibilities, a well-meaning business owner is still at risk of making a regrettable tax mistake. Whether a business is incorporated and files returns as an entity, or is an LLC and the owner files a...

The new “extenders law” enacted late in 2015 retains several key tax provisions and makes them permanent with certain modifications. One of the most important ones to middle class families is the child tax credit. It can costs hundreds of thousands of dollars to raise a child these days, but at least the tax law provides several benefits to parents. One such tax break, the child tax credit,...