Turn Your Home Office Into a Tax Deduction

Posted on 18. Feb, 2021 by in IRS, Small Business Tips, Tax Tips

If you worked from home for the first time in 2020, you may be wondering if your home office is tax deductible. The bad news? If you’re working from home for an employer, you normally can’t deduct your home office expenses. Here’s a quick look at the basic requirements to be able to deduct your […]

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New W-4 Creates Questions for Human Resources

Posted on 18. Feb, 2020 by in Employees, Human Resources, Tax Tips, Tax Updates

With the major Form W-4 overhaul for 2020, you may field questions from your employees concerning their federal paycheck tax withholdings. While it’s not your responsibility to provide tax advice to your employees, it’s good to be prepared to help answer common questions about the new IRS form. Here is a summary of the W-4 […]

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2020 Retirement Plan Limits

Posted on 07. Jan, 2020 by in Retirement Accounts, Small Business Tips, Tax Tips

As part of your 2020 planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits: Take action If you have not already done so, please consider: […]

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Say Goodbye to the College Tuition Deduction

Posted on 05. Sep, 2017 by in Bookkeeping Articles, Small Business Tips, Tax Updates

It’s hard enough to watch your child leave for college. Now you also have to say goodbye to the tuition and fees tax deduction. Congress decided not to extend this $4,000 deduction for 2017, leaving many parents worried that college will now be more expensive. But it isn’t as bad as it sounds. That’s because […]

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A Dozen IRS Not so Fine Penalties

Posted on 21. Mar, 2016 by in Bookkeeping Articles, QuickBooks, Small Business Tips, Tax Updates

Over the past few years the IRS has made the use of penalties and fines a more prevalent tool to encourage compliance among taxpayers. This “stick” approach is in direct contrast to the “voluntary” philosophy built within our tax system. Here are a dozen of the more common penalties and fees. S-Corporation and Partnership late […]

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Twelve Common Missing Tax Return Items

Posted on 14. Mar, 2016 by in Bookkeeping Articles, QuickBooks, Small Business Tips, Tax Updates

Want your tax return filed quickly and without error? Then double-check this handy list of items that are often overlooked. Review and signing your e-file approval. The sooner you review and approve your tax return, the sooner it can be filed. Having proof of health insurance. Most taxpayers should receive a Form 1095 that confirms you have […]

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Breaking News: 2015 Standard Mileage Rates

Posted on 12. Dec, 2014 by in Bookkeeping Articles, Misc. Articles, Tax Updates

The IRS has just released the standard mileage rates for 2015. For business use of an automobile, the rate will increase to .57.5 cents per mile. For medical and moving expenses, it is decreased a half-cent to .23 cents per mile. For services to charitable organizations, the rate stays at .14 cents per mile. You […]

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No Such Thing as a Free (Employee) Lunch?

Posted on 20. Oct, 2014 by in Misc. Articles, Small Business Tips

The IRS is making headlines on the west coast as it reviews and challenges the practice of employers providing free meals to employees. Employers consider the free meals a non-taxable fringe benefit. The IRS believes this fringe benefit is employee wages. Exploring employee lunch benefits: Background Many fringe benefits offered as part of your employment […]

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[CEO Tips] Navigating Nanny Taxes and Household Payroll Compliance

Posted on 01. Oct, 2014 by in CEO Tips

By Linda Siniscal  Time is precious for most of us these days, and often, as busy CEO’s we need help at home so we can have more time to run our businesses. That may mean hiring help for personal tasks such as caregiving for the young, elderly, or special needs family member.  When you first […]

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Breaking News: 2014 Standard Mileage Rates

Posted on 09. Dec, 2013 by in VirtualConnections Newsletter

The IRS has just released the standard mileage rates for 2014. For business use of an automobile, the rate will decrease by a half-cent to .56 cents per mile. For medical and moving expenses, it will be .235 cents per mile, again down by a half-cent. For services to charitable organizations, the rate stays at […]

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