Monthly Archives: April 2016

Update your W-4 to adjust your withholding

Did you receive a big tax refund or owe the IRS a lot of money for 2015? Then it’s time to update the form that tells your employer how to calculate your federal income tax withholding. That’s Form W-4, Employee’s Withholding Allowance Certificate, and here’s what you need to know. Filing a new Form W-4 with your employer allows you… (more…)

Smart review tactics lead to long-term business success

As a business owner, monitoring operations and dealing with everyday problems no doubt takes up the bulk of your day. But carving out time for a comprehensive review can benefit your business. Here are key areas to consider. Insurance coverage. Automatic renewal may appear to be a time-saver. But you might be missing out on necessary updates and the opportunity… (more…)

Be aware of these four IRA rules

If you have an individual retirement account, you’re aware of how complicated the rules can get. Here are four to remember as you prepare your 2015 federal income tax return. 1. Are you searching for one more tax deduction? It’s not too late to contribute to your IRA and claim a deduction for 2015. Under current tax rules, you can… (more…)

Offset past or future income with a net operating loss

If you reported more business expenses than income on your 2015 tax return, you may have a net operating loss. That means you have the opportunity to apply your loss to past and future tax years to generate a refund or reduce your tax liability. Unless you elected to carry the entire loss to future years, the general rule is… (more…)

Educate your kids about tax filing

According to a recent survey conducted on behalf of a consumer finance information service, nearly 80% of 18-34 year-olds have concerns about filing income tax returns. Of that group, 34% ask families and friends for advice. Do you know a young adult who is anxious about getting this year’s tax return completed correctly? One way you can help ease the… (more…)

Depreciation breaks boost tax deductions

Did you buy equipment or other business assets during 2015? Here are the current rules for maximizing your tax deduction. ● Section 179. Under code Section 179, you can expense many types of otherwise depreciable property used in your business. Both new and used assets qualify for Section 179. For 2015, the maximum amount you can expense is $500,000 of the… (more…)

You may benefit from two filing extensions

The IRS has extended the time to meet two filing requirements that may benefit you. Asset basis consistency statement. Executors of estates who are required to report the value of assets to beneficiaries now have until June 30, 2016, to file statements with the IRS and the beneficiaries. Work Opportunity Tax Credit. Employers who hired qualified workers in 2015 have… (more…)

Last chance to claim a 2012 refund

According to the IRS, nearly one million taxpayers who failed to file a return for 2012 are in danger of losing refunds. Tax law provides a three-year period to claim a refund when no return is filed. That means you’ll have to file a tax return for 2012 no later than this year’s April tax deadline – or the chance… (more…)

New tax benefits available when claiming the research and development credit

If you conduct qualified research activities, you may be eligible to claim a federal income tax credit known as the “research and development” credit. This credit is now permanent and may benefit you when you design, develop, and improve business products or processes. Beginning in 2016, the research and development credit can be applied against your alternative minimum tax liability.… (more…)