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Tax Tips Newsletters  //  Business Advice & Tax Tips

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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Feb 25 Comments

Put your tax refund to work for you

Put your tax refund to work for you

The IRS recently published statistics on the 2013 tax filing season. During 2013, the IRS issued over 109 million tax refunds totaling almost $300 billion. The average refund was $2,744. If you’re one of the millions of taxpayers who get a refund every year, consider using it this year to improve your financial situation. Everyone’s needs […]

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Feb 11 Comments

Take an extra step this year

Take an extra step this year

As part of gathering the information you’ll need to file your 2013 tax return, take a little extra time to review your current financial situation and the progress you’re making toward your financial goals. Tax filing time provides an excellent opportunity to do this review since you’ll have your records out for tax filing. Here […]

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Feb 4 Comments

Pay attention to the nanny tax

Pay attention to the nanny tax

Every few years the “nanny tax” becomes a big news story when some high-profile political figure reveals that he or she hasn’t paid required nanny taxes. While you may not plan on running for political office, failing to pay the nanny tax on the household workers you employ could result in IRS penalty and interest […]

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Jan 15 Comments

IRS releases 2014 tax numbers

IRS releases 2014 tax numbers

Each year the IRS adjusts certain tax numbers for inflation and tax law changes. Here are some of the adjusted numbers you’ll need for your 2014 tax planning.   * STANDARD MILEAGE RATE for business driving drops to 56¢ a mile. Rate for medical and moving mileage drops to 23.5¢ a mile. Rate for charitable […]

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Jan 2 Comments

IRS modifies “use it or lose it” rule for FSAs

IRS modifies “use it or lose it” rule for FSAs

If your employer offers a flexible spending account (FSA), you’re permitted to set aside up to $2,500 of pre-tax dollars each year to pay for your out-of-pocket medical expenses. The drawback to such accounts has been the fact that in the past, you forfeited any unused amounts at year-end, and they reverted to your employer. […]

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Dec 12 Comments

Businesses: Get organized for 1099 reporting

Businesses: Get organized for 1099 reporting

There are more than a dozen variations of the information return known as Form 1099. Most are specific to certain industries. But nearly every company, large or small, has to issue Form 1099-MISC. And you have to send a copy of 2013 forms to recipients by January 31, 2014. You use Form 1099-MISC to report […]

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