June 15 - Employer’s Monthly Deposit - Due If you are an employer and the monthly deposit rules apply, June 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for May 2016. This is also the due date for the non-payroll withholding deposit for May [...]
Article Highlights: Charity Auction Time-Share Donation Use of Property as a Donation Time-Share Maintenance Fees Taxpayer-Rendered Services If you have ever attended a charity auction, it is not uncommon to see a week’s use of a time-share included in the items donated for auction. The time-share owners who donate these weeks generally do so in [...]
Deducting Startup Costs for Your New Business at Tax Time Before you earn your first dollar, before you are even open for business, your startup can incur considerable expenses. The money you spend opening your business can often be deducted; the IRS allows you to deduct many of these one-time startup costs. Speaking with an [...]
First 2016 Estimated Tax Payment Due Soon The government wants its tax revenue up front and has a “pay-as-you-go” system, and if your pre-paid amount is not enough, you become liable for non-deductible interest penalties. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement. The primary [...]
Tax Filing Deadline Rapidly Approaching Just a reminder to those who have not yet filed their 2015 tax return that April 18, 2016 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due. Usually April [...]
5 Ways to Upgrade Your Accounting for 2016 to Save Time and Money! Upgrade to New Software Several great options are available for small business owners to take control of their accounting through quality software. These software programs are delivered to your business via the internet, which makes them more affordable up front and keeps [...]
Article Highlights: Penalty Being Phased in Over Three Years Larger of Two Amounts Flat Dollar Amount Percentage-of-Income Amount Penalty Applied by Month Many taxpayers are surprised by the size of the penalty being imposed for not having health insurance in 2015. This may be a wake-up call for many who didn’t realize the penalty is [...]
Article Highlights: What Is a SEP? Contribution Limits Employee Coverage Requirements How to Establish a SEP SEP Distributions What Is a SEP? If you are like many small business owners, you probably find the year-end period to be a very busy time. You can’t close your books and determine your business’s profit until after the [...]
March 2016 Individual Due Dates March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA [...]
From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it in for a new vehicle. If the vehicle is sold, the result is reported on the taxpayer’s return as an above-the-line gain or [...]