Heads up! Oct. 15 is an important deadline for taxpayers who live and work abroad, or have certain foreign financial accounts. Taxpayers abroad had until June 17 to file a 2018 individual tax return or request an automatic extension to file by Oct. 15. Requests must have been filed by June 17. Also, taxpayers with…
2019 – 10/14 Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are…
2019 – 10/14 Love and marriage,” goes the old song: “…You can’t have one without the other.” This also holds true for sales and marketing. Even the best of sales staffs will struggle if not supported by a well-researched and carefully executed marketing plan. Here are six ways to ensure your marketing plan is likely…
2019 – 10/02 You’d be hard pressed to find a business today that doesn’t have laptop computers listed among its assets. Large companies have hundreds of them; midsize ones issue them to managers to facilitate mobility; and many small businesses rely on them as primary computing devices. Now, in and of itself, a laptop may…
2019 – 10/02 As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA tax rate of…
2019 – 09/26 The IRS has issued a new notice listing the “high-low” simplified per-diem rates for post-Sept. 30, 2019 travel. The high-cost area per-diem increases $10, and the low-cost area per-diem increases $5, from the prior simplified per-diems. In addition, the following have been added to the list of high-cost localities: Mill Valley /…
Did you request an automatic six-month extension to file your 2018 tax return? If so, time’s running out. For most extended filers, the deadline is Tuesday, Oct. 15. Special rules apply to members of the military and those serving in a combat zone. Military members typically have until at least 180 days after leaving a…
Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates are historically low….
Autumn brings falling leaves and … the gridiron. Football teams — from high school to pro — are trying to put as many wins on the board as possible to make this season a special one. For business owners, sports can highlight important lessons about profitability. One in particular is that you and your coaches…
2019 – 09/25 Once a tax return is properly filed, the IRS generally has three years to assess additional taxes. If no return is filed, no limit applies. One taxpayer faxed his 2001 partnership tax return to an IRS revenue agent, in July 2002. In 2010, when the IRS added tax on the return, the…
2019 – 09/30 Scam artists don’t take time off. They’re hard at it, all year. The IRS is warning of a new tax-related scam involving fake property liens. The tax agency is providing details to help taxpayers recognize and avoid this scam. It generally starts when a bogus letter is mailed to a taxpayer, threatening…
Michael W. Cook 2019 – 09/26 Your Texas-based manufacturing team has been working for weeks on a huge order of electronic sensors for a security equipment wholesaler in California. Most of the order is now stacked on pallets ready to ship. A few last units are working their way through the assembly line as work…
2019 – 09/20 Taxpayers can generally deduct bona fide bad debts on their tax returns, in the year the debts become worthless. One taxpayer in the lending business made a $100,000 loan to a furniture company. When that company failed in 2014, the assets were sold and the lender received $36,800. He claimed the loan…
2019 – 09/19 A competition winner must pay tax on the prize. A teenager was awarded a car for good grades and attendance. Her school had entered her in a local car dealership’s competition, along with other qualifying students. Her name was then pulled in a drawing. She asserted that the car was a gift…
2019 – 09/17 Are you a retiree who may owe taxes this year on your Social Security or pension income? The IRS has created a tool that calculates the taxable portion of benefits. It also incorporates that information into an overall estimate of the projected tax liability and withholding for the year. If a withholding…
