If a parent or loved one died this past year, you may wish to consider filing a final tax return even if not technically required to do so. Background When a deceased’s estate is more than the federal threshold of $5.45 million in 2016, an estate tax...
One of the more common tax questions is whether you need to file a tax return this year. The answer is: It all depends. Here are some quick tips to help you determine your answer. Income If your gross income is less than the sum of your...
Most taxpayers receive at least one 1099 each year. Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. Here is a summary of the most common of these informational tax forms that you will need to file your tax return...
Is a worker an independent contractor or an employee? This seemingly simple question is often the contentious subject of numerous IRS audits. As an employer, getting this wrong could cost you plenty in the way of Social Security, Medicare taxes, and other employment related taxes....
For 2015 tax returns, everyone employed by a company with 50 or more employees will receive a new Form 1095. This form is in addition to the Form 1095’s received by other taxpayers using the Marketplace to purchase their health insurance. You need this form...
If you are one of the unfortunate victims of IRS identity theft you will need a one-time PIN to file your tax return. Without this numeric identifier your 2015 tax return will be rejected. The IRS issues taxpayer victims this PIN in a written notice. What...
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The fourth quarter due date is now here. Normal due date: Friday, January 15, 2016 Remember you are required to withhold...
The IRS recently announced mileage rates to be used for travel in 2016. The Business mileage rate decreases by 3.5 cents while Medical and Moving mileage rates are lowered by 4.0 cents. Charitable mileage rates are unchanged. 2016 New Mileage Rates Standard Mileage Rates Mileage Rate/Mile Business Travel 54.0¢ Medical/Moving 19.0¢ Charitable Work 14.0¢ Here are...
Smart Business Services 14001-C St. Germain Drive Suite 253 | Centreville, VA 20121 Ph: 866-541-5111 | Fax: (866) 465-0283 | kdolan@sbsnova.com In the News: Tax Extenders Bill Passes Many tax changes impact 2015 Category: What's New Congress has passed legislation that will impact your 2015 tax bill. Most of these...
One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a taxable event. But...
