What landlords should know about taxes
You probably already know that you need to count rental income as part of your federal gross income. What you may not know is that you must include:
updates
Cents-per-mile rate for business miles decreases slightly for 2020
2020 – 01/23 This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. Calculating your deduction Businesses can…
What can AI do for my business?
2020 – 01/23 You’ve no doubt read articles or heard stories about how artificial intelligence (AI) is bringing sweeping change to a wide variety of industries. But it’s one thing to learn about how this remarkable technology is changing someone else’s company and quite another to apply it to your own. Here’s a primer on…
New Exception for Early Retirement Withdrawal
2020 – 01/09 Generally, amounts withdrawn from an individual retirement account before age 59-1/2 are subject to an additional 10% tax, unless an exception applies (such as a distribution in a case of financial hardship). With the recent passage of the Setting Every Community Up for Retirement Enhancement Act (SECURE) a new exception has been…
Home Office Deduction: What are the Rules?
2019 – 12/30 The start of the new year ushers in tax season. If you used your home to conduct business, you may qualify to take a home office deduction on your tax return, even if you’re a renter. Here are the basic rules: The home must be your principal place of business, or a…
Can the IRS Seize My Refund?
2019 – 12/30 Taxpayers who owe certain debts may have their refunds reduced or even entirely taken by the federal government. Under the Treasury Offset Program, refunds can be seized to pay past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support or other federal nontax debts, such as student loans….
Where’s My Refund?
2019 – 12/27 Tax filing season is rolling up fast, and millions of Americans are anticipating refunds. The IRS cautions taxpayers to be patient. Some refunds may take longer because they require additional review. The IRS issues most refunds in less than 21 days, but if a tax return has errors, is incomplete or is…
New rules will soon require employers to annually disclose retirement income to employees
2019 – 01/14 As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will…
How business owners and execs can stay connected with staff
2020 – 01/14 With the empty bottles of bubbly placed safely in the recycling bin and the confetti swept off the floor, it’s time to get back to the grind. The beginning of the year can be a busy time for business owners and executives, because you no doubt want to get off to a…
Employee Withholding Calculator
2020- 01/03 The IRS has launched a new online assistant created to help employers determine the correct amount of federal income tax to hold back from their workers’ pay. This system, which took effect on Jan. 1, replaces the previous method based on withholding allowances. “We’ve been working closely with the payroll community and other…
Qualified Business Income
2020 – 01/03 Owners of passthrough businesses who meet certain requirements may be eligible for a generous deduction, if they’re current on their tax filing. The deduction equals up to 20% of the owner’s share of qualified business income (QBI). In one case, the deduction was denied because the owner hadn’t filed a tax return….
2020 Standard Mileage Rates
2020 – 01/02 The IRS has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, medical and charitable purposes. Notice 2020-5 provides that the 2020 standard mileage rate for transportation or travel expenses is 57.5 cents (down from 58 cents per mile for 2019) for…
New law helps businesses make their employees’ retirement secure
2020 – 01/06 A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE…
New law provides a variety of tax breaks to businesses and employers
2019 – 12/30 While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code,…
Cost management: A budget’s best friend
2020 – 01/02 If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward. As part of this effort, you’ll answer questions such…