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Tax Tips Newsletters  //  Business Advice & Tax Tips

Jul 22 Comments

Check the tax rules when your job situation changes

Check the tax rules when your job situation changes

When your job situation changes, your taxes could be affected. Here are four issues to keep in mind. * Unemployment benefits. State unemployment benefits are taxable income. Depending on your total income, you may want to adjust your federal tax withholding. You can elect to have withholding deducted from your unemployment benefits, or you can […]

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Jul 8 Comments

Make summertime tax-cutting time

Make summertime tax-cutting time

During warm summer days, you may be tempted to forget about serious things like taxes. But that could lead to a higher 2014 tax bill. Here are just a few summertime tax-saving ideas to consider.   * If spring cleaning left you with outgrown clothing and household items you no longer use, donate them to […]

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Jun 10 Comments

Two important tax deadlines in June

Two important tax deadlines in June

Don’t overlook the following two deadlines this month if they apply to you: The second quarterly payment of estimated income tax for 2014 is due on June 16. * If you have foreign bank, savings, or investment accounts that exceeded $10,000 in 2013, you are required to file “Treasury Department Form 114″ by June 30, […]

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May 27 Comments

Don’t waste your tax refund

Don’t waste your tax refund

Are you expecting a tax refund this year? No doubt you’ve already heard the standard admonishment about why you should not be giving the government an interest-free loan. Maybe you’ve decided to “do better” during 2014 by revising your withholding or estimated tax payments to reduce the amount of next year’s refund – or maybe […]

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May 6 Comments

Recent Tax Court case limits IRA rollovers

Recent Tax Court case limits IRA rollovers

A recent Tax Court decision will change the way the IRS applies the law on IRA rollovers. For years, the IRS has interpreted the IRA rollover rules to mean that a taxpayer could do one rollover per year for each IRA he or she owned. In doing a rollover, the taxpayer is not taxed on […]

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May 2 Comments

K.P. Monaco & Associates, P.C. 2014 Client Survey

K.P. Monaco & Associates, P.C. 2014 Client Survey

This client survey is intended to help K.P. Monaco & Associates know how satisfied our customers are. Each paying client who participates in this online survey will be entered in a drawing to win a $500 Amazon gift card. The survey will end at midnight May 31st and the winner of the drawing will be […]

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Apr 14 Comments

New IRS rules clarify when businesses must capitalize or expense costs

New IRS rules clarify when businesses must capitalize or expense costs

The IRS has issued regulations intended to clarify for businesses which costs related to fixed assets must be capitalized and which can be currently expensed. The 200 pages of regulations are complex, but the safe harbor provisions on improvements are perhaps of most concern to small businesses. Here’s an overview. If your average annual gross […]

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Apr 8 Comments

What to do if you receive an IRS notice

What to do if you receive an IRS notice

After you file your tax return, the last thing you want to see is a notice from the IRS questioning your return. Some IRS notices involve very minor corrections; some are for serious changes that could involve a lot of money. Sometimes the IRS is correct in what they are seeking; sometimes they are wrong. […]

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Mar 19 Comments

Health coverage mandate postponed for certain businesses

Health coverage mandate postponed for certain businesses

On February 10, 2014, the Treasury Department issued rules that will allow mid-sized businesses to delay for one year the requirement to provide health insurance for their workers. The rules also offered some relief for larger companies. Businesses with 50 to 99 employees will now have until January 1, 2016, to provide minimum, affordable health […]

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Mar 5 Comments

IRS reminds taxpayers about this refund option

IRS reminds taxpayers about this refund option

If you’re receiving a tax refund this year, the IRS reminds you that you can use it to buy U.S. savings bonds directly from the IRS. Here are the details. * You may purchase up to $5,000 in U.S. Series I savings bonds. * The total amount of bonds you purchase must be a multiple […]

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