Tag Archives: taxable income

Three Tips to Start the Tax Filing Season

Check whether your children need to file a 2015 tax return. They’ll need to file if wages exceeded $6,300, self-employment income was over $400, or investment income exceeded $1,050. When income includes both wages and investment income, other thresholds apply. … Continue reading

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Tax Breaks Extended Retroactively; Some are Permanent

In mid-December, Congress renewed a long list of tax breaks known as “extenders” that have been expiring on an annual basis. This year many of the rules are retroactive to the beginning of 2015. You may be able to benefit … Continue reading

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Track Use of your Vacation Home to Maximize Tax Breaks

If you own a vacation home (some boats and recreational vehicles also qualify) that you also rent out to others, keep track of who uses it during the year to maximize your tax breaks. * Meet the rules and receive … Continue reading

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Take Time to Review the Health of your Business

As an owner and/or manager, you probably spend a lot of time monitoring business operations and dealing with everyday problems. But a longer-term approach is also useful. Just as an annual checkup from your physician helps monitor and manage your … Continue reading

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Get a Head Start on your Form 1099 Reporting

No matter what type of business you operate, January is busy. You’re trying to get your business off to a good start in the new year, you’re closing the books on last year, and you have to complete payroll and … Continue reading

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Some Tax Benefits will Increase in 2016

Each year, the IRS announces inflation adjustments for more than 50 tax provisions. Knowing these numbers can help with your year-end tax planning. Changes for 2016 (for the tax returns you’ll file in early 2017) include: An increased standard deduction … Continue reading

Posted in Business, business help, Business Owner, deductions, Employee Benefits, Filing Taxes, Financial Planning, New Business, Operational Accounting, Operations, QuickBooks Online, save money, save on taxes, saving money, Tax, tax advice, tax bill, Tax Fraud, Tax Return, taxes, Uncategorized | Tagged , , , , , , , | Leave a comment