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August 10 Employees Who Work for Tips – If you received $20 or more in tips during July, report them to your employer. You can use Form 4070. Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2018. This due date applies only...

You know how important it is to obtain receipts for the expenses you and your employees incur. You need to record them, analyze their impact on your cash flow, and claim some of them on your income taxes. Your customers, too, expect to receive forms documenting purchases they’ve made...

Section 965 of the Internal Revenue Code, enacted in December 2017, imposes a transition tax on untaxed foreign earnings of foreign corporations owned by U.S. shareholders by deeming those earnings to be repatriated. Foreign earnings held in the form of cash and cash equivalents are taxed at a 15.5...

As hurricane season gets underway–and with it, the possibility of scam groups masquerading as charitable organizations–taxpayers should know about the new tax-exempt organization search tool. Located on the IRS website, the Tax Exempt Organization Search (TEOS) tool replaces the EO Select Check tool and enables taxpayers to search and...

The short answer is that yes, tips are taxable. If you work at a hair salon, barber shop, casino, golf course, hotel, or restaurant, or drive a taxicab, then the tip income you receive as an employee from those services is considered taxable income. Here are a few other...

Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who’s just starting out or one who has been in business a while and is ready to hire an employee or two, here are five things you should know about...

Self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home and can use the simplified option or the regular method to claim a deduction. For tax...

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Here’s what you need to...

Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year, but also use the home yourself. There is, however, one provision that is not complicated. Homeowners who rent out their property for 14 or fewer...

As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it’s always a good idea to periodically revisit that decision as your business grows. For example, as a sole proprietor,...

Under tax reform, individuals who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018. Here are five of them. 1. Moving Expenses For tax years 2018 through 2025, moving expenses are no longer deductible unless you are...

July 10 Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070. July 16 Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June. Employers – Social Security, Medicare,...