Advice on Tax Archives » Checkbox Accounting

22Jan 2018 by Fred Crooks No Comments

Tax Reform Changes

Business Advisory, Compliance, Tax, Uncategorized

Tax Reform Changes - How will they affect you? When you file your 2018 tax returns - about a year from now - your return will look very different. Here are a few of the biggest changes that may affect you. Individual TaxIndividual tax rates will range from 10% to 37%.Standard deduction increases and personal and dependent exemptions eliminatedThe Child Tax Credit increased and a new Dependent Credit created.Disappearing deductions: Beginning with the 2018 tax year, you will no longer be able to deduct:State income tax and property taxes above $10,000 per year in total;Moving expenses (with an exception for certain military);Employee business expenses such as mileage, travel, entertainment, home office expenses, union dues, tax preparation fees, and investment fees, among others;Mortgage interest beyond interest on $750,000 of acquisition debt (if…

09Mar 2017 by William Simi No Comments

The impact of Unrelated Business Taxable Income on your nonprofit

Compliance, Non Profit Principles: Steering You in the Right Direction, Not For Profit, Tax, Uncategorized

As a non-profit organization, you may be used to the idea that most of the income you generate through your organization’s activities is exempt from tax. But as every accountant knows, when it comes to the tax law, there are always exceptions to every exception and exemptions from every exemption. Or should we say exceptions to every exemption. Anyway, you get my meaning. In the case of non-profit organizations one of those exceptions to the general rule of tax exemption is something called “Unrelated Business Taxable Income”. Nonprofit boards and management should be aware that it is out there and that it might be applicable to their organization depending on the kind of activities it carries out. First, let’s get clear on a couple of acronyms that might otherwise be…

04Nov 2014 by Fred Crooks

Avoid Tax Surprises

Business Advisory, Tax

Still Time to Act to Avoid Surprises at Tax-Time Even though only a few months remain in 2014, you still have time to act so you aren't surprised at tax-time next year. You should take steps now to avoid owing more taxes or getting a larger refund than you expect. Here are some actions you can take to bring the taxes you pay in advance closer to what you'll owe when you file your tax return: Adjust your withholding. If you're an employee and you think that your tax withholding will fall short of your total annual tax liability, you may be able to avoid an unexpected tax bill by increasing your withholding. If you are having too much tax withheld, you may get a larger refund than you expect.…

25Jul 2014 by Mike Giotto

Tips for Employers Who Outsource Payroll Duties

Business Advisory, Tax

The IRS has released the following reminder with regard to an employer’s responsibility for payroll taxes even when the employer uses a payroll service. Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers (PSP) and reporting agents (RA). Reputable third-party payers can help employers streamline their business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax returns with state and federal authorities. Though most of these businesses provide very good service, there are, unfortunately, some who do not have their clients’ best interests at heart. Over the past few months, a number of these individuals and companies around the country have been prosecuted for stealing funds intended for the payment of payroll taxes. Examples…

26Mar 2014 by William Simi

IRS Tax Fraud Alerts

Business Advisory, Tax

IRS Wants You to Know About Schemes, Scams and Cons "If it sounds too good to be true, it probably is!" Don't become a victim to any scheme that offers instant wealth or exemption from your obligation as a United States citizen to file tax returns and/or pay taxes. Some of these schemes can literally cost you your life savings. Others can result in your prosecution and imprisonment if you knowingly participate in them. Abusive Return Preparer Taxpayers should be very careful when choosing a tax preparer. While most preparers provide excellent service to their clients, a few unscrupulous return preparers file false and fraudulent tax returns and ultimately defraud their clients. It is important to know that even if someone else prepares your return, you are ultimately responsible for…

14Nov 2013 by William Simi

Simple Accounting Tips for Small Businesses

Business Advisory, FREE Business Tools: Learn the Secrets

Do you manage a small business and are overwhelmed with dealing with taxes and invoices while trying to keep your business afloat? By following these tips, you can simplify accounting for your small business. You should first break down the accounting into smaller pieces and set easily attainable goals for yourself. Know that accounting is a time consuming process so splitting it into parts will make is more manageable. This will also help with your stress and anxiety about accounting since you will see the completion of your smaller goals. -Calculate minimum and ideal monthly profits Keep track of all invoices and calculate revenue each month to make sure you can successfully keep your business running. Calculating a number for the invoices will allow you to have an exact number…

Tag: Advice on Tax