Tax season 2017 is in full swing. Statistics issued by the IRS showed a 17.2% decline in the total number of returns received through February 10, 2017 compared to the same period last year. The decline was most likely caused by the mandate on refunds on returns involving the Earned Income Credit and the[…]
Summer is here, 2016 is half over, and it’s a great time to organize your taxes. It seems most of my clients wait until January to look for their records, organize their charitable donations, and review investment accounts. While it may not be fun to spend a Saturday afternoon in July reviewing your tax records,[…]
It is critical that business owners correctly classify the individuals who provide services to their company as employees or independent contractors. The business must withhold income taxes, pay and withhold Social Security and Medicare taxes, and pay unemployment taxes on wages paid to employees. Payments made to independent contractors do not require tax withholding. The[…]
Although we are not sure what Congress will do in 2013, here are a couple of tax saving suggestions small business owners would be wise to consider. Acquiring depreciable assets If you have been considering acquiring additional equipment, you should do so before year end. The Section 179 expensing provision in 2012 allows taxpayers to[…]