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Tax

Wednesday, 06 July 2016

2016 Tax Calendar

Written by Thomson Reuters

July 15 — If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax, and nonpayroll withholding. August 1 — If you have employees, a federal unemployment tax (FUTA) deposit is due if the FUTA liability through June exceeds $500. The second quarter Form 941 ("Employer's Quarterly Federal Tax Return") is also due today. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return...

Tangible property regulations — finalized in 2013 — provide guidance on which expenses may be deducted currently and which expenses must be capitalized and depreciated over time. This is a critical distinction for any business that invests in tangible property, such as buildings, equipment, furniture, fixtures or leasehold improvements. At 222 pages long, tangible property regulations are complex and a detailed discussion is beyond the scope of this publication. But it’s important for businesses to have some familiarity with the regulations in order to make informed tax-planning decisions...

Thursday, 07 April 2016

You're Using Your CPA Wrong

Written by Andy Mehl, CPA

If you're limiting your CPA to "only" filing your taxes, you're overlooking a host of services that could make a significant impact on your personal and professional life. Stop missing out: Review the following list of four essential services your CPA can provide today. When you finish reading, it might just be time to schedule an appointment. 1) Starting a businessApproximately 543,000 new businesses start each month...

Monday, 04 April 2016

Special Tax Rules for Children’s Investment Income

Written by IRS

Like adults, children with investment income must file tax returns. Generally, parents or guardians are responsible for filing tax returns on behalf of minor children. Here are some special tax rules you should know before filing: Interest, dividends, capital gains, or unearned income from a trust must all be reported. If your child's total investment income is more than $2,100, special "kiddie tax" rules kick in and any excess may be taxed at your income tax rate...

Wednesday, 16 March 2016

6 Facts About Capital Gains

Written by IRS

When you sell a capital asset like an investment or a piece of property, the sale can result in a capital gain or loss. The IRS defines a capital asset as" most property you own for personal use or own as an investment." Here are six facts you should know about capital gains: A capital gain or loss is the difference between what you originally paid for the asset (your basis) and the amount you get when you sell an asset. You must include all capital gains in your income and you may be subject to the Net Investment Income Tax if your income is above certain amounts...

Unfortunately, income-tax-related fraud and identity theft threats continue to increase. However, the states of Michigan and Ohio are working hard to protect taxpayers’ information. Both states have adopted an identity confirmation quiz that confirms taxpayer identities before processing a refund. In addition to protecting taxpayer data, this new system will save the states a great deal of funds that would have otherwise been paid to fraudsters...

Monday, 07 March 2016

Be On Alert for IRS Scams

Written by IRS

With tax season underway, the IRS expects an uptick in tax-related scams. In most cases, IRS "phishing" scams are bogus phone calls and emails that claim to come from the IRS. Fraudsters use fake refunds or threats of a tax bill or audit to convince recipients to give up their personal and financial information. They then use it to steal a victim's money or identity...

The Michigan Department of Treasury recently released a notice that might allow you a new opportunity to appeal an old tax assessment. This development has come as a result of the Michigan Supreme Court's ruling in Fradco, Inc. et al., which determined that if a taxpayer has executed a power of attorney authorizing a representative to receive copies of letters/notices sent by Treasury, the timeframe for a taxpayer's right to appeal an assessment does not begin until the representative has been sent the letter/notice...

All income you receive is taxable unless the rules explicitly state that it isn't. According to the IRS, taxable income includes earned income like wages as well as any income earned by bartering or the exchange of property or services. Rental income is taxable as are other forms of unearned income like interest and dividends or Social Security. Some income is not taxable unless certain conditions are met...

Wednesday, 17 February 2016

Owe the IRS Money? Here’s How to Pay.

Written by IRS

If you owe federal taxes, you should pay by the April deadline even if you get an extension. Here are some options for making your payment easy: Use Direct Pay. IRS Direct Pay is a free and secure way to pay directly from your checking or savings account. Pay by Debit or Credit Card...

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