What 2015 tax records can you toss once you’ve filed your return?
The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax
Entrepreneurs: What can you deduct and when?
What a new business owner needs to know about start-up cost deductions. Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money.
Tax scams take many forms
Avoid tax scams with vigilance and common sense. Scammers have targeted US taxpayers for decades with various schemes, often times posing as the Internal Revenue Service to secure private information from tax payers. The intent of
Tax-Smart Gifting strategies
3 income-tax-smart gifting strategies If your 2015 tax liability is higher than you’d hoped and you’re ready to transfer some assets to your loved ones, now may be the time to get started. Giving away
Make a 2015 contribution to an IRA before time runs out
Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to
Benefits related small businesses tax credits
Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable credits are especially for small businesses that offer certain employee benefits. Can you claim one — or both — of them on your 2015
Charitable Donation Deductions
What’s your charitable donation deduction? When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep
Following the new PATH
Recent tax law extends depreciation expensing tax breaks — and more Manufacturers and distributors tend to invest heavily in equipment, technology upgrades and leasehold improvements. Depreciation from these assets can be a major deduction for
Major shift in lease accounting could cause major headaches
Almost every company leases equipment or real estate and for decades, they weren’t required to report many lease-related assets and liabilities on their balance sheet. That’s all about to change under a controversial new lease
5 ways to cut costs and improve cash flow
When business owners start to feel the choking effect of a slow cash flow, they often blame their customers. “Why aren’t we getting paid on time?!” But it’s important to remember that cash flow is
Education related tax breaks
If there was a college student in your family last year, you may be eligible for some valuable education related tax breaks on your 2015 return. While the IRS does not offer deductions for Ramen noodles
Is it time to get accountable with your employees’ expenses?
Many companies start out using the “per diem” approach when reimbursing employees for lodging, meals, and incidental expenses. Doing so involves the use of either IRS tables or a simplified high-low method to reimburse workers
