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Replacing The Income Tax System
As elected officials continue to debate how to fix the tax code, we all know that what is best is often not what gets put onto the books by Washington. All too often bills and ideas start with the greatest of intention – but the end product is not what was planned. So how do we fix what many Americans think is a broken tax system? A lot of people have ideas that have been presented. Does the European nation have a better plan? Is a national sales tax (or VAT style tax) the answer? Based on the most recent
Five Tips to Avoid Hurricane Relief Scams
There has been an enormous wave of support across the country for the victims of Hurricanes Harvey and Irma. However, there are also criminals who try to take advantage of people’s generosity. Fraudulent schemes often involve telephone, social media, e-mail or even in-person scams. Criminals may also send emails using false websites that appear to be legitimate charitable causes. These sites frequently use names similar to legitimate charities, or claim to be affiliated with legitimate charities, when their only goal is to scam money or obtain personal financial information that can be used for identity theft. To help you avoid
Tax credits available for innovative businesses and for those with green practices
We continue our series on proper tax planning this month by switching over and looking into the 179D deduction and R&D tax credits for business available under the current tax regulations. Consumers are concerned more and more about the environment and are being selective with their purchases to prove it. Businesses that have realized this can use the Section 179D regulations to their advantage. By taking steps to improve their systems or to make their products more energy efficient or green (and thereby enticing the consumer to buy their products), they are eligible to earn tax credit under Section 179D. The
Can Freebies For Professional Athletes Help You Too?
The Boston Bruins made history recently, but not on the ice. The Tax Court recently ruled in favor of the team as they argued with the Internal Revenue Service that the meals provided to its players at hotels while playing “away games” should qualify as non-taxable fringe benefits. The tax code allows for an employer to provide its employees with meals on its premises while the employee is working (or directly before or after working) and exclude the cost of those meals from the employee’s taxable income. Furthermore, the cost of these meals would then be 100% deductible for the
Those Items Are Tax FREE, Right?
We’ve all seen the ads and sales claims telling you to buy online because it’s tax free. In most cases, this is too good to be true. For the most part, when a seller is not physically present in a state, they are not required to charge sales tax to customers in those states. This does not mean that sales taxes are not due, but rather it means that it is not the seller’s responsibility to collect and remit it. The onus falls on the buyer to “self-report” the taxes on any items they purchase that are delivered to their
Out With The Old, In With The Unknown
As we are all well aware, this past election has the potential to lead to many changes in our government, especially the areas of taxation. The president elect has made it clear that his intention is to drastically overhaul the tax system. Many experts believe this will be the largest change to the tax code since the Tax Reform of 1986 by the Reagan Administration. We see an increasing number of experts voicing their guesses that the proposed income tax rates will, in some manner, be lowered with the inevitable tax change. Some believe ObamaCare will be repealed, but most
Just When You Thought Tuition Only Meant A Bill From The School
In today’s day and age a large majority of the future workforce will at one time or another attend college. Whether it ends up being the foundation for their future job or simply a stepping stone to finding out what they really want to do. Unfortunately, as we have seen, that schooling is far from cheap. Most students attending college are taking on debt to cover the costs or, if lucky enough, finding scholarships to help defray some of the ever increasing costs. Thanks to our tax code, most taxpayers are afforded some small deductions for those costs in the
New Overtime Rules Can Effect More People Than You Think
The Department of Labor (DOL) has finalized a rule that, effective December 1, 2016, will make significant changes to the overtime regulations in the Fair Labor Standards Act (FLSA). As you know, employees covered by the FLSA must receive overtime pay for all hours worked over 40 in a workweek at a rate of not less than one and one-half times their regular rates of pay, unless otherwise exempt. The FLSA's "white collar" exemptions exclude certain executive, administrative, and professional (EAP) employees, and outside salesperson, from the federal minimum wage and overtime rules. Currently, to qualify for exemption, white collar
Getting The Most From Your House… On Your Tax Return
All of us are aware that owning a home has some definite potential tax benefits. Mortgage interest and property taxes are deductible on your personal income tax return. However, how do we make your home be MORE or a tax benefit on your return? Tax Considerations Interest deductions seem to be a pretty straight-forward item on your tax return. The interest amount is provided by your mortgage company each year on form 1098. This amount is then carried onto Schedule A and any tax benefit carried onto your form 1040. But what are you missing? The equity in your home
Divorce And Taxes, Two Words People Like To Avoid
Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and a name change are just a few items you may need to consider. Here are some key tax tips to keep in mind if you get divorced or separated. Tax Law Considerations Child Support and Alimony. If you pay child support, you can’t deduct it on your tax return. If you receive child support, the amount you receive is not taxable. If you make payments under a divorce or separate maintenance decree
