Tag - #sfs

Tax Breaks for the Military Family

Tax Breaks for the Military Family There are certain tax breaks available to members of the U.S. military and their dependents: Sale of principal residence A taxpayer on qualified official extended duty in the U.S. Armed Services or the Foreign Service may suspend for up to 10 years of such duty time the running of the 5-year ownership-and-use period before the sale of a residence. This election applies to one property at a time. To qualify, a taxpayer must meet the following criteria [...]

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Maternity Leave- November 2, 2018

Hello my friends, Owning a business comes with a mass of responsibilities including awareness and understanding of all the new tax law changes and the residual impact they will have on you and your employees. Are you aware of the Credit for Maternity Leave? Last week I wrote about my love for reading, but not everyone or every business owner shares my passion. They depend on me, or their tax pro to keep them “in the know.” I am sharing the [...]

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Tax Reform Brings Changes to Fringe Benefits that can Affect an Employer’s Bottom Line

Tax Reform Brings Changes to Fringe Benefits that can Affect an Employer’s Bottom Line The Tax Cuts and Jobs Act impacts several programs. This includes changes to fringe benefits, which can affect an employer’s bottom line and its employees’ deductions. We’ve decided to explain how the changes will affect employers: Entertainment Expenses & Deduction for Meals The new law generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. With this in mind, nightclubs, cocktail lounges, theaters, [...]

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Salvage Your Sunken Uncollectable Debt

Salvage Your Sunken Uncollectible Debt Victims of reneged payment agreements might have a tax deduction Let’s face it – it’s always frustrating not being paid what is owed to you. The IRS has created a system for you that may help with debts and help you salvage some of what’s owed. If it’s clear that the debt is not going to be paid, then you may be able to recoup some of the lost money as a tax deduction. The IRS [...]

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Small Businesses: Tax Tips for the Freelancer

Small Business: Tax Tips for the Freelancer If you are an employee, you most likely pay little attention to your taxes until the end of the year. You get your paycheck, your employer does a lot of the work for you and you receive a W2. However, if you are a freelancer or self-employed, the responsibility of paying your taxes rests solely upon your shoulders. There are 14+ million American taxpayers currently in the IRS collection division, and it’s easier to [...]

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Do I Have to Pay Estimated Taxes?

Who Must Pay Estimated Taxes Do I have to pay estimated taxes? This is a normal question to ask, but it is important especially if you’ve made any changes in your profession. The Estimated Tax Rules Apply to: U.S. citizens and resident aliens; Residents of Puerto Rico, the U.S. Virgin Islands, Guam, the Commonwealth of the Northern Mariana Islands, and American Samoa; and Nonresident aliens General Rules In most cases, you must pay estimated tax for 2018 if both of the following apply. You expect to [...]

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Tax Breaks with an IRA

Tax Breaks with an IRA What is an IRA? Individual Retirement Arrangements – aka IRAs – are accounts into which someone can deposit money to provide financial security when they retire. Why would a taxpayer consider having one? Well, here’s what especially peaks our interest: different IRA’s offer different tax breaks. How Do I Get One? A taxpayer can set up an IRA with a: Bank or other financial institution Life insurance company Mutual fund Stockbroker COMMON TERMS Traditional IRA: A traditional IRA is an individual retirement account that offers advantages to taxpayers. [...]

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Clean Up Your (Tax) Act: Small Business Edition

Organizing Your Tax Documents Having a small business and filing your taxes is a whole lot different from filing personal taxes – and honestly, it’s not a walk in the park, especially if you’ve never done it before. Because this isn’t something we have to do every day, it’s easy to overlook and wind up a little messy and unorganized. Life was much easier as a kid, but now we’re grown-ups with grown-up responsibilities. It’s time we clean up our [...]

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Clean Up Your (Tax) Act

Organizing Your Tax Documents Let’s be honest, sometimes we’re all a little messy and unorganized. Life was much easier as a kid, but now we’re grown-ups with grown-up responsibilities. It’s time we clean up our acts a bit. Waiting until the end of the year to collect our records for tax season is a pain in the a**. We often tend to forget when thinking about what’s important to DO because we’re thinking about what’s important to US. The holidays, family, a [...]

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Missing PoPo- March 29, 2018

Hello Fellow Taxpayers, This will be a very brief email. Ali and I want to thank you for the heartfelt wishes everyone posted on our Facebook pages over the past few days on the loss of our 12½-year-old Golden – Chow, PoPo-Lito. It still hurts. Boodah, our 14-year-old Yorkie is acting, well, like a lost puppy. He keeps looking around for his brother, and when he doesn’t find him, he just lays down. He is moping. By the time you read this, [...]

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