While most income received from your employer quickly ends up on a W-2 tax form at the end of the year, here are some common employee benefits that often avoid the impact of Federal taxes. Health benefits. While now reported on W-2's, employer provided health insurance premiums are currently not required to be reported as [...]
One of the more unpleasant surprises that can hit a taxpayer occurs when you sell personal property, rental property or assets from your small business. This tax surprise is often associated with depreciation recapture rules. Defined Depreciation recapture refers to reducing the cost of an asset sold by prior period’s depreciation expense to determine [...]
Suppose you take your best client out to dinner to celebrate your business relationship. If you own a business, are self-employed or run a side business, can you deduct any of the cost? Here are some tips to stay on the right side of the new rules: Make clear it’s a business meal In [...]
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. Due date: Friday, Sept. 15, 2023 You are required to withhold at least 90 percent of your 2023 tax obligation [...]
The tax code uses jargon that can be confusing for the unwary. One of them that impacts most of us is the term unearned income. Unearned income is often defined as anything that is not earned income. If you find this kind of definition a little too vague, here is some clarity. Tax code definition [...]
