Good Record Keeping Benefits your BusinessPosted on August 3rd, 2018
Avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year. Read More…
Tags: Record Keeping
Avoid Delays: Renew ITINs Expiring in 2018 NowPosted on August 3rd, 2018
Under the Protecting Americans from Tax Hikes (PATH) Act, Individual Taxpayer Identification Numbers (ITINs) that have not been used on a federal tax return at least once in the last three consecutive years will expire December 31, 2018. In addition, ITINs with middle digits 73, 74, 75, 76, 77, 81 or 82 will also expire at the end of the year. These affected taxpayers who expect to file a tax return in 2019 must submit a renewal application as soon as possible. Read More…
Tags: 2018 Tax Law
Managing Cash Flow is Key to Business SuccessPosted on August 3rd, 2018
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and services.
While that might seem counterintuitive, consider this: if you fail to satisfy a customer and lose that customer’s business, you can always work harder to please the next customer. If you fail to have enough cash to pay your suppliers, creditors, or employees, you are out of business. Read More…
Tags: Cash Flow
Understanding the Net Investment Income TaxPosted on August 3rd, 2018
While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here’s what you need to know. Read More…
The Facts about Penalty Relief for TaxpayersPosted on August 2nd, 2018
Taxpayers who make an effort to comply with the law but are unable to meet their tax obligations due to circumstances beyond their control may qualify for relief from penalties. Read More…
Retirement Saving TipsPosted on August 2nd, 2018
Though it’s never too late to start, the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year’s gains—that’s the power of compounding—and the best way to accumulate wealth. Read More…
Small Business Financing: Securing a LoanPosted on August 2nd, 2018
At some point, most small businesses owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting your money for expansion and having to scrape through finding cash from other sources. Unfortunately, many business owners fall victim to several common, but potentially destructive myths regarding financing, such as: Read More…
Tags: Small Business
Some Veterans Eligible for Refunds from OverpaymentPosted on August 1st, 2018
Certain veterans who received disability severance payments after January 17, 1991, and included that payment as income that they should file Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment attributable to the disability severance payment. The refund is the result of the Combat-Injured Veterans Tax Fairness Act passed in 2016. Read More…
Watch out for Scams during Hurricane SeasonPosted on August 1st, 2018
Hurricane season runs June 1 to November 30. With hurricane season well underway, taxpayers should watch out for disaster-related scams carried out by criminals and scammers who often try to take advantage of the generosity of taxpayers wanting to help victims of major disasters. Read More…
Tags: Fraud Prevention
Safeguarding Financial RecordsPosted on August 1st, 2018
Natural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some basic steps you can take right now to prepare: Read More…
Tax Due Dates for August 2018Posted on August 1st, 2018
Employees Who Work for Tips – If you received $20 or more in tips during July, report them to your employer. You can use Form 4070.
Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2018. This due date applies only if you deposited the tax for the quarter in full and on time.
Employers – Non-payroll withholding. If the monthly deposit rule applies, deposit the tax for payments in July.
Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in July.