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Management

Individual Tax Calendar: Key Deadlines for the Remainder of 2017

Individual Tax Calendar: Key Deadlines for the Remainder of 2017

While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are other deadlines throughout the rest of the year that are important to be aware of. To help you make sure you don’t miss any important 2017 deadlines, here’s a look at when some key tax-related forms, payments and other actions are due. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply specifically to you. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. June...

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Bartering May Be Cash-Free, But It’s Not Tax-Free

Bartering May Be Cash-Free, But It’s Not Tax-Free

Bartering might seem like something that happened only in ancient times, but the it’s still common today. The general definition of bartering remains the same: the exchange of goods and services without the exchange of money. Because no cash changes hands in a typical barter transaction, it’s easy to forget about taxes. But, as one might expect, you can’t cut Uncle Sam out of the deal. A taxing transaction The IRS generally treats a barter exchange similarly to a transaction involving cash. You must report the fair market value of the products or services you receive as income. If there are...

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What Are the Most Tax-Advantaged Ways to Reimburse Employees’ Education Expenses?

What Are the Most Tax-Advantaged Ways to Reimburse Employees’ Education Expenses?

Reimbursing employees for education expenses can strengthen the capabilities of your staff as well as help you retain them. Additionally, you and your employees may be able to save valuable tax dollars. But you have to follow IRS rules. Here are a couple of options for maximizing tax savings. A fringe benefit Qualifying reimbursements and direct payments of job-related education costs are excludable from employees’ wages as working condition fringe benefits. This means employees don’t have to pay tax on them. Plus, you can deduct these costs as employee education expenses (as opposed to...

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A Refresher On Tax-Related ACA Provisions Affecting Businesses

A Refresher On Tax-Related ACA Provisions Affecting Businesses

Now that the bill to repeal and replace the Affordable Care Act (ACA) has been withdrawn and it’s uncertain whether there will be any other health care reform legislation this year, now is a good time to review some of the tax-related ACA provisions affecting businesses: Small employer tax credit. Qualifying small employers can claim a credit to cover a portion of the cost of premiums paid to provide health insurance to employees. The maximum credit is 50% of premiums paid by the employer, provided it contributes at least 50% of the total premium or of a benchmark premium. Penalties for not...

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Saving Tax With Home-Related Deductions and Exclusions

Saving Tax With Home-Related Deductions and Exclusions

Currently, home ownership comes with several tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT). Mortgage interest deduction. You generally can deduct interest on up to a combined total of $1 million of mortgage debt incurred to purchase, build, or improve your principal residence and a second residence. Points paid related to your principal residence also may be deductible. Home equity...

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Victims of a Disaster, Fire or Theft May be Able to Claim a Casualty Loss Deduction

Victims of a Disaster, Fire or Theft May be Able to Claim a Casualty Loss Deduction

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2016 federal income tax return. A casualty is defined as a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft, or vandalism. A casualty loss doesn’t include losses from normal wear and tear or progressive deterioration from age or termite damage. Here are some things you should know about deducting casualty losses: When to deduct. Generally, you must deduct a casualty loss on your return...

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