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Are you up-to-date on the tax rules affecting your 2016 return?
Here's a quick review of some of the rules you can expect to encounter when you get ready to prepare your 2016 federal income tax return.
No change to nanny tax threshold
The social security coverage threshold for domestic employees, including nannies, will remain at $2,000 for 2017, the same as the 2016 threshold.
Check your basis in your S corporation before the end of the year
Losses can be hard to take - so if you think your S corporation will show a loss for 2016, now's the time to plan to make sure you'll get the full tax benefit.
Judge Halts Overtime Ruling due to go into effect 12/1/16
On Tuesday, November 22, U.S. District Judge Amos Mazzant of the Eastern District of Texas issued a temporary injunction to stop the new regulation to the Fair Labor Standards Act. This regulation was set to go into effect December 1st...
Be prepared for a higher social security wage base in 2017
For 2017, the wage base for withholding social security tax from wages has increased to $127,200, up from $118,500 in 2016.
You still have time for tax-free gift giving
December 31 is the last day you can take advantage of this year's annual gift tax exclusion. The exclusion is the amount you can give away each year without triggering gift tax. For 2016, the exclusion is $14,000 per recipient.
December 31: the deadline to donate or distribute
As an IRA owner, you've probably heard about required minimum distributions (RMDs). These account withdrawals, which are mandatory once you reach age 70 &1/2;, are coupled with a steep penalty for noncompliance, and you're generally required to take...
7 Tricks to Budget Like a Pro
Life in the 21st century is pretty amazing. We have access to nearly limitless options - where to live and work, which degree to earn, what to eat for dinner, which show to stream, where to go on vacation, and so on.
October 2016 Market Insight
U.S. stocks declined in October with the S&P 500 dropping 1.82% as the November 8th election approaches. It appears that the markets are reluctant to make large moves before it is clear who our next president will be...
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