Day: January 26, 2017

Protect yourself from the 100% penalty on payroll taxes

As an employer, you’re responsible for collecting payroll taxes from employee wages and depositing the taxes with the IRS. The IRS takes these rules very seriously – so seriously that if your business willfully fails to deposit payroll taxes on…

Traveling for business? Lock in your deductions

The ability to deduct expenses on your tax return often boils down to whether you’ve kept the proper records or not. This is especially true when it comes to write-offs for travel and entertainment expenses. Tax law has a special…

The tax code contains a not-so-secret secret

The tax code contains a not-so-secret secret: the tax break for “net unrealized appreciation,” which can help you save tax dollars when you have employer stock in your retirement plan. Here’s how the break works: Normally, you can accumulate assets…

Know the ins and outs of rollovers

Are you transferring money between retirement accounts? Be aware of the rollover rules, which govern the tax treatment of retirement plan distributions. The key to rollovers is timing. The funds you withdraw must be deposited in another account within 60…

The IRS hires help to collect back taxes

The IRS isn’t giving up its job as the nation’s tax collection agency, but it is farming out some of the work. Starting this spring, four private contractors will begin helping collect delinquent tax accounts. The outsourcing was authorized by…

Are you launching a new business venture?

If so, you’ve probably spent money getting ready to open your doors. Normally, you’re required to amortize these “startup” costs over a period of 180 months, starting with the month your business begins. That time period means you’ll typically write…

Harvest gains or losses at year-end

From a tax planning perspective, the end of the year is the “season of the harvest” for capital gains. Harvesting means you analyze your portfolio, determine your tax situation, and select investment sales to generate capital gains or losses, as…