Around this time of year, many organizations are re-evaluating their annual budgets to improve profit margins and consolidate spending. One aspect of this process often includes...
Don’t Overlook Your Tax Credit Eligibility
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Taxes
How to Set up an IRS-Approved Family Loan
Today's relatively low-interest-rate environment makes it easy to loan money to family members on favorable terms with full IRS approval. Here's a rundown of what the law covers...
Tax Planning for a Home in the Event of Divorce
For many people, the federal home sale gain exclusion is the single most valuable tax break available. But if you're getting divorced and selling a home, you may need to plan...
Handle Payroll Taxes With Kid Gloves
If you operate a business that collects payroll taxes from employees, here's a warning: Regardless of what your corporate financial situation is, don't borrow from the...
How Much Does the IRS Let Delinquent Taxpayers Live On?
The IRS uses "Collection Financial Standards" to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those that meet the test...
Determining if Your Business is Subject to State Tax
Operating in one physical location is no longer ideal for businesses who want to remain profitable in the ever-changing landscape. To adapt, many businesses are straying away...
How your teens can start saving from a part- time job
If you have teenage children or grandchildren with part-time jobs, there's a tax-favored way to help them save money for college, a first home — and even retirement. By socking...
Time to begin saving for your Child’s Education?
Q. It's time for us to begin saving for our child's education. We've heard a great deal about Section 529 plans. What are the advantages? A. The advantages can be significant....
IRS Updates Vehicle Depreciation Limits for Automobiles
The Internal Revenue Service recently revised the depreciation limits for business-use passenger automobiles, trucks and vans first placed in service during calendar year 2016....
Identity Theft and Your Taxes
If you have tried to electronically file your tax return only to find out that the IRS says you have already filed, then you may be a victim of identity theft. Call WABC...