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.
The social security coverage threshold for domestic employees, including nannies, will remain at $2,000 for 2017, the same as the 2016 threshold.
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.
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...
For 2017, the wage base for withholding social security tax from wages has increased to $127,200, up from $118,500 in 2016.
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.
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...
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