Category Archives: Tax Tips

Time Matters with Tax Refunds: Don’t Miss Out!

If you have not yet filed your 2015 tax return and have a refund coming, time is running out! There is no penalty for filing a late return that qualifies for a refund!  The IRS estimates over a million Americans … Continue reading

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5 Fall Projects to Refresh Your Financial Results

As we move into the fall season and the final quarter of the year, it’s a perfect time to commit to a project in your business that will help you reach the year’s end in better shape.  Here are 5 … Continue reading

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Most Overlooked Tax Deduction

Article Highlights: What Is IRD? Why Is There an IRD Deduction? How to Recognize If One Exists What to Do If an IRD Deduction Is Suspected One of the most overlooked tax deductions is what is referred to as the … Continue reading

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Hobbies and Income Tax

Article Highlights: Hobby, Trade, or Business Profit Motive Factors Determining Profit Motive Presumption of Profit Motive Tax Treatment of Hobbies Millions of U.S. taxpayers engage in hobbies such as collecting stamps or coins, refurbishing old cars, making crafts, painting or … Continue reading

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Did You Collect the Needed W-9s?

Article Highlights: The IRS Form W-9 is used to obtain independent contractors’ tax ID numbers. Tax ID numbers are required when filing 1099s. 1099-MISCs must be issued to independent contractors that are paid $600 or more during the year for … Continue reading

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Time is Running Out! File Your 2016 Tax Returns!

Extended Tax Due Date Just Around the Corner Article Highlights: Extended Due Date Funding Retirement Plans K-1 Due Dates Late Filing Penalty Interest on Amount Due If you could not file your 2016 tax return by the normal April due … Continue reading

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9 Tips All Business Owners Should Follow

Business owners are experts in their industry. You know your products and services well – better than the competition. You know how to reach those customers, too. But, managing what’s behind the scenes isn’t always as easy. With the right … Continue reading

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I Need Advice On . . .

IF you could wake up tomorrow morning and know every decision you made from that point forward was the right decision, do you suppose you’d want to put yourself in that position?  Well… OF COURSE YOU WOULD! IF you had … Continue reading

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Are You Missing a W-2?

Article Highlights: Employers have until Jan. 31, 2017, to provide 2016 W-2s to employees. Steps to take when W-2 has not arrived by scheduled tax appointment. Contact employer if W-2 is not received, then IRS if it is still missing … Continue reading

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Receiving Social Security Can Be Taxing

Article Highlights: Social Security Taxability Taxability Thresholds Working and Drawing Social Security Pension Distributions and Social Security Taxability Planning Pension Distributions Generally, your Social Security (SS) benefits are not taxable until your modified adjusted gross income (MAGI) is more than … Continue reading

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