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Standard mileage rates drop for 2017
Whether you drive your vehicle in your own business or reimburse your employees for business mileage, you'll need to revise the rate you use in 2017.
New law offers new HRAs in 2017
A health reimbursement arrangement, or HRA, is a benefit plan you can offer to your employees to reimburse them for medical expenses that are not covered by an insurance plan. HRAs offer tax benefits, including the deductibility of contributions you make to your employees' accounts.
Taxes under President Trump
By the time you read this article we will be less than two weeks away from Donald Trump's inauguration.
December 2016 Market Insight
With winter now here and the holidays in the rear-view mirror, the markets also shared in the holiday cheer with a positive (but uneventful) December.
Standard mileage rates go down for 2017
Have you noticed the price of gas? So has the IRS – and the reimbursement rate for business mileage has gone down as a result. The new rate for 2017 is 53.5¢ per mile, down from the 2016 rate of 54¢ per mile.
2017 financial shape up: Small steps toward big goals
Shaping up your finances in 2017 may seem like a big goal, perhaps even too daunting. But if you take one small step at a time, these small steps will add up. Here are suggestions.
IRS extended the due date for Forms 1095
When you're an applicable large employer (generally, when you employ 50 or more full-time workers and equivalents), you're required to provide information about health coverage to the IRS and to your employees.
Note the new due dates for Forms W-2 and 1099
As you begin your January payroll preparation, take into account earlier due dates for two common information reporting forms.
Some federal income tax refunds may be temporarily delayed
In general, you can expect your federal refund to be issued approximately 21 days after your electronically filed tax return has been accepted. However, identity theft is still a major problem, and the IRS continues to implement new strategies to protect taxpayer data.
Get ready for earlier due dates for certain payroll returns
Updating your payroll records before year-end and putting procedures in place for annual reporting is an especially good idea this December. Two important due dates have been pushed forward...
Payroll update: the overtime rule and other changes
Have you been keeping up with the latest changes in payroll reporting and other requirements? Here's an update.
November 2016 Market Insight
November markets have simply been captivated by the US Presidential election.
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...
Can your business survive these seven potential disasters?
Disasters, natural or otherwise, could ultimately lead to your company's demise. Fortunately, advance planning can keep you on track. Here are seven scenarios to be prepared for.
Stay ahead of the deadline for 2016 required minimum distributions
If you're over 70 1/2; and are required to take distributions from your IRA or other retirement account, remember that you must take your 2016 required minimum distribution by December 31.
Insurance enrollment begins this month
Beginning this month, you can sign up for a new 2017 health insurance policy on the health insurance Marketplace. You can also change or renew the policy you purchased during the last enrollment period.
Save yourself some stress. Start your year-end tax review now
An important part of our service to you is to help identify actions you can take before year-end to minimize your personal 2016 federal income tax bill.
Your Business Could Benefit from the PATH Act’s New Depreciation Rules
Your business just might benefit from the PATH Act (Protecting Americans from Tax Hikes), recent legislation that includes some interesting new opportunities to save taxes on the purchase of assets and upgrades to buildings.
Mix up your fringe benefits to attract and retain staff
Fringe benefits can be a powerful tool for attracting and retaining staff. If you have an age-diverse workforce, providing the right mix of benefits can help you achieve your goal. Here are suggestions.
Make your charitable contributions count
Taking a deduction for donations made to charitable organizations sounds simple enough: make a donation and claim it on your tax return when you itemize your deductions.
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