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Hosting an employee holiday party that is festive, frugal and free of stress

December 2, 2019

Hosting a holiday party for your staff is one of the best ways to show them you care—while also creating some meaningful, team-driven memories. Follow our tips below for hosting a memorable soiree that doesn’t push your stress or your budget past your limit.

 

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What is your taxpayer filing status?

November 19, 2019

For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with...

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Using your 401(k) plan to save this year and next

November 12, 2019

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest...

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Use a Coverdell ESA to help pay college, elementary and secondary school costs

November 5, 2019

There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes...

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It’s not too late to trim your 2019 tax bill

October 25, 2019

Fall is in the air and that means it’s time to turn your attention to year-end tax planning. While several clear strategies and tactics emerged during the first tax filing season under the Tax...

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Understanding and controlling the unemployment tax costs of your business

October 11, 2019

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...

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Take advantage of the gift tax exclusion rules

October 1, 2019

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others...

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Uncle Sam may provide relief from college costs on your tax return

September 17, 2019

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities...

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2019 Q4 tax calendar: Key deadlines for businesses and other employers

September 10, 2019

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list isn’t...

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The next estimated tax deadline is September 16: Do you have to make a payment?

September 3, 2019

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019...

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Expenses that teachers can and can’t deduct on their tax returns

August 28, 2019

As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on...

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Taking distributions from your traditional IRA

August 22, 2019

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these...

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What to do if your business receives a “no-match” letter

August 13, 2019

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if...

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The tax implications of being a winner

August 6, 2019

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune.


Winning at...

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The “kiddie tax” hurts families more than ever

July 31, 2019

Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And...

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The “nanny tax” must be paid for more than just nannies

July 23, 2019

You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who...

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Volunteering for charity: Do you get a tax break?

July 9, 2019

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as...

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If your kids are off to day camp, you may be eligible for a tax break

June 25, 2019


Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax...

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2019 Q3 tax calendar: Key deadlines for businesses and other employers

June 19, 2019

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive,...

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Donating your vehicle to charity may not be a taxwise decision

June 11, 2019

You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big...

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The chances of IRS audit are down but you should still be prepared

May 28, 2019

 

The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax...

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Hire your children this summer: Everyone wins

May 22, 2019

If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn...

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Selling your home? Consider these tax implications

May 15, 2019

Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during...

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Check on your refund — and find out why the IRS might not send it

May 7, 2019


It’s that time of year when many people who filed their tax returns in April are checking their mail or bank accounts to see if their refunds have landed. According to the...

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Plug in tax savings for electric vehicles

May 6, 2019

While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If...

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How entrepreneurs must treat expenses on their tax returns

April 24, 2019

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the...

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Three questions you may have after you file your return

April 18, 2019

Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked...

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Seniors: Medicare premiums could lower your tax bill

April 9, 2019

Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive,...

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Make a deductible IRA contribution for 2018. It’s not too late!

April 2, 2019


Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year...

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Still working after age 70 1/2? You may not have to begin 401k withdrawals

March 26, 2019

If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an...

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Spreading the feeling of gratitude

November 19, 2018

Instilling a thankful frame of mind among your staff makes for a gratifying work place. Consider a few suggestions for developing an atmosphere of thankfulness to get into the spirit of the holiday season.

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