Tax Strategy
Documents to Keep in Business
How long do I keep that? Since many common business documents must be retained in accordance with federal law, here is a list of how long common documents must be kept. 2 Years General Correspondence Bank Reconciliations 3 Years Employee Applications Purchase orders Requisitions Sales Contracts Sales Invoices 4 Years Expired Policies (All types) Settled…
Read MoreDivorce Monday and The New Tax Law 2019
Today is known as Divorce Monday, according to a recent survey by the law firm Irwin Mitchell Solicitors, which found that divorce filings jump by nearly one-third following the holidays. Alimony paid will no longer be tax-deductible and alimony received will no longer be taxable income. For decades, alimony — typically paid by men —…
Read MoreRetirees with pension income should do a Paycheck Checkup ASAP
Retirees with pension income should do a Paycheck Checkup ASAP IRS Tax Reform Tax Tip 2018-143 September 13, 2018 Retirees should do a Paycheck Checkup to make sure they are paying enough tax during the year by using the Withholding Calculator, available on IRS.gov. The Tax Cuts and Jobs Act, enacted in December…
Read MoreTaxpayers should find out if they need to make estimated or additional tax payments
Taxpayers should find out if they need to make estimated or additional tax payments IRS Tax Reform Tax Tip 2018-142 September 12, 2018 The U.S. tax system operates on a pay-as-you-go basis. This means that taxpayers need to pay most of their tax during the year, as the income is earned or received. Taxpayers…
Read MoreEmployees with other sources of income should do a Paycheck Checkup
IRS Tax Reform Tax Tip 2018-141 September 11, 2018 The IRS urges everyone who works as an employee and who also has income from other sources to perform a Paycheck Checkup now. For example, certain individuals often need to pay estimated or additional tax. This includes taxpayers who have certain types of income from…
Read MoreThree Fall Tax Tips for Small Business Owners
With the fall season closing in, it won’t be long before the end of the year is here. Rather than save all tax-related questions, concerns, and responsibilities for December and January, now is the time to review your situation. Below are three fall tax tips for small business owners to consider and ask their tax professional about:…
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