Author - SFS Tax & Accounting

The SFS Tax & Accounting Top 3 Apps to Track Your Business Miles…

The SFS Tax & Accounting Top 3 Apps to Track Your Business Miles… You need to keep a log if you want to legally take the business expense. Driving around town? If it has something to do with business, you might be able to get a tax deduction come tax-time or a reimbursement from your employer. Business owners and the self-employed know the value of keeping track of their business mileage but many are negligent in keeping a log that documents their travel. [...]

Read more...

Big Changes for the 2017 – 2018 FAFSA

Big Changes for the 2017 – 2018 FAFSA If you have a child beginning college or already enrolled in school you should be aware of the following changes. Beginning with the 2017­–18 Free Application for Federal Student Aid (FAFSA®), the following changes have been put in place:  The 2017–18 FAFSA will be available earlier. You can file your 2017–18 FAFSA as early as Oct. 1, 2016, rather than beginning on Jan. 1, 2017. The earlier submission date will be a permanent change, enabling you to complete [...]

Read more...

Are You Making This Common Mistake and Will it Hurt You at Tax Time?

Are You Making This Common Mistake and Will it Hurt You at Tax Time? Using your company credit card for personal purchases could create problems later on. A common mistake many small business owners make is combining business and personal expenses in one bank account. Later on, it can get tough trying to separate the expenses especially if you don’t keep receipts. You can’t depend on the credit card statements as there is no clear interpretation of the expense. Enrolled Agent, Jeffrey [...]

Read more...

SFS Offers Tips for Teenage Taxpayers with Summer Jobs

SFS Offers Tips for Teenage Taxpayers with Summer Jobs Summertime is here, and many students and teenagers get summer jobs to earn extra spending money to pay for gas, save for a car or to put money aside for their next semester. Parents, Jeffrey Schneider, EA, CTRS, NTPI Fellow, offers some tips to keep in mind and to help educate your children about their tax requirements: Withholding and Estimated Tax. Students and teenage employees normally have taxes withheld from their paychecks by [...]

Read more...

Private IRS Debt Collectors

It’s Taxing Times and Tax Resolution Times Private IRS Debt Collectors You may have heard the adage “The IRS will never call you”, commonly shared among taxpayers to help distance friends and loved-ones from telephone scammers. While it is always wise to be extra careful with anyone claiming to be contacting you on behalf of the IRS, the line has recently become a little more blurred. The Internal Revenue Service has begun a new private collection program of certain overdue federal tax debts; selecting four [...]

Read more...

Important Facts about Filing Late and Paying Penalties

It’s Taxing Times and Tax Resolution Times Important Facts about Filing Late and Paying Penalties April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If taxpayers are due a refund, there is no penalty if they file a late tax return. Taxpayers who owe tax, and failed to file and pay on time, will most likely owe interest and penalties on the tax they pay late. To keep interest and [...]

Read more...

Hobby or Business?

It’s Taxing Times and Tax Resolution Times Hobby or Business? Taxpayers must report on their tax return the income earned from hobbies. The rules for how to report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions taxpayers can claim for hobbies. Here are four tax tips to consider: Is it a Business or a Hobby?  A key feature of a business is that people do it to make [...]

Read more...

Hurricane Preparedness Tips for Taxpayers

It’s Taxing Times and Tax Resolution Times Hurricane Preparedness Tips for Taxpayers Don’t Forget to Update Emergency Plans Because a disaster can strike any time, be sure to review emergency plans annually. Personal and business situations change over time, as do preparedness needs. When employers hire new employees or when a company or organization changes functions, they should update plans accordingly and inform employees of the changes. Make plans ahead of time and be sure to practice them. Create Electronic Copies of Key [...]

Read more...

Upcoming Tax Deadlines

It’s Taxing Times and Tax Resolution Times Upcoming Tax Deadlines June Th 15 Individuals living outside the U.S.: File Form 1040. For automatic 4 month extension file form 4868 and deposit estimated tax. Th 15 Pay the second installment of 2017 estimated tax -Use Form 1040-ES. Th 15 Corporations: Deposit the second installment of your 2017 estimated tax.   July Mo 31 Deposit FUTA owed through June if more than $500. Mo 31 File Form 941 for the second quarter.   August Th 10 File Form 941 for the second quarter if you timely deposited all required [...]

Read more...

Do You Know About These 5 Overlooked Medical Tax Deductions?

It’s getting more and more difficult to claim medical tax deductions. That’s because you can only claim those tax deductions once they exceed 10% of your adjusted gross income. So you’ve got to do your best to maximize every opportunity you can to do smart tax planning. Here are five of the most overlooked medical tax deductions to help you do just that. Medical Transportation You don’t have to take a trip in an ambulance to claim transportation costs as a medical deduction. [...]

Read more...