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HSA & FSA – Health Plans and Their 2016 Contribution Limits

The way healthcare is being paid for is changing across the nation. Whether it is Obamacare or a health savings account, there are many options to stay out of debt. Having a plan of some sort is vital in these days of rising health costs. Health Savings Account: HSA’s were established in 2003 and they […]

Taxpayers and Identity Theft

Identity theft is becoming all too common in today’s world, as it is a reality that many people will have to face in their lifetime. To go another step further, some people within this category will face one of the lesser known versions of theft – tax return identity theft. What exactly is it? What […]

Nonprofit Organizations – How to Handle Donated Property

Nonprofits, unlike most businesses, have a separate monster to tackle when it comes to taxes – how to handle property that has been donated. Depending on what the property is, how much it is worth, and what it is used for, there are different rules to follow when reporting the property that was donated. Schedule […]

The Freelancer and the SEP IRA Retirement Plan

It seems like every day there is another story about how more and more of the workforce is choosing to freelance and create their own income. With freelancing comes different financial rules to follow. One of the most important questions: how do I save for retirement as a freelancer? In comes the SEP IRA. SEP […]

Quickbooks 2016

For some, it is an early Christmas. For others, it is more features that need to be learned. Either way, QB 2016 is here and has some handy new features that are now available. Bill Tracker This new feature provides information to allow the user to manage bills in just one screen. The categories included […]

Restaurants and Tip Income

How are tips affected by taxes? What are the different methods of assigning tip income? Are there credits to be taken as a restaurant owner? All of these are valid questions that need to be answered when figuring taxes for a restaurant. Total Receipts Restaurant employers must make sure that total tip income reported back […]

Charitable Contributions

Thinking of ways to receive deductions on your upcoming tax return? There are different methods, but many go the route of charitable contributions. Charitable contributions can be a simple way to help the donor, while also helping others in need. What method should I use on my taxes? How much can I deduct? Itemizing deductions […]

IRS2Go and Direct Pay for Taxes

In order to help the taxpayer, the IRS has developed a service that makes it much more convenient to pay taxes. Introducing Direct Pay. This service allows the taxpayer to pay a tax bill or estimated tax payments directly from a checking or savings account at no extra cost. On top of that, in light […]

Do I Have to Pay Them For Breaks?

According to federal law, meal breaks do not need to be given to employees. However, this is where state law comes into play. Many states by law enforce that employees take some kind of meal break. According to federal laws, a non-exempt employee must be paid for very hour that is worked. However, when it […]

Reporting Taxable Income from Multiple States

If a business has a physical nexus (sufficient physical presence – which can be people and/or property) within a state, that state then has the right to tax the business. Public Law 86-272 prevents states from taxing businesses simply because customers buy a business’ products within their borders. However, this law only applies to tangible […]

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