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What the self-employed need to know about employment taxes
In addition to income tax, you must pay Social Security and Medicare taxes on your earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up to the Social Security wage base of $118,500 for 2016 ($127,200 for 2017). All...
Buying or selling a business? Consider an installment sale
Whether you’re selling your small business or acquiring another company, the tax consequences can have a major impact on the transaction’s success or failure. Consider installment sales, for example. The sale of a small business might be structured as an installment...
Tips for deducting casualty losses from a natural disaster
If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.),...
Have a new job? Don’t neglect your old retirement plan
There’s a lot to think about when you change jobs, and it’s easy for a 401(k) or other employer-sponsored retirement plan to get lost in the shuffle. But to keep building tax-deferred savings, it’s important to make an informed decision about your old retirement plan....
Documentation is the key to business deductions
If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable business deductions. Here are two recent U.S. Tax Court cases that help illustrate the rules for documenting your business expenses. Case 1:...
Why you should donate appreciated stock instead of cash
If you’re charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you may want to consider another option that provides not just one but two tax benefits: Donating long-term appreciated stock....
Don’t roll the dice with taxes on your gambling winnings
For anyone who takes a spin at roulette, cries out “Bingo!” or engages in other gambling activities, it’s important to be familiar with the applicable tax rules for gambling winnings and losses. Otherwise, you could be putting yourself at risk for interest or...
Are frequent flyer miles ever taxable?
If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume that there are no tax implications involved. And you’re probably right — but there is a chance your miles could be...
One SIMPLE Retirement Plan Option for your Small Business
Has your small business procrastinated in setting up a retirement plan? You might want to take a look at a SIMPLE IRA. SIMPLE stands for “savings incentive match plan for employees.” If you decide you’re interested in this type of retirement plan, you must establish...
What you need to know about estimated tax payments
Paying the proper amount of tax by the annual federal income tax filing deadline isn’t always enough to avoid penalties and interest; you must also meet requirements for paying tax throughout the year through withholding and/or quarterly estimated tax payments. If you...
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