tax

household worker tax

The “Nanny Tax” Must be Paid for More Than Just Nannies

You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who…

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withholding allowances

Income Tax Withholding: Examine Your Withholding Allowances Today

If you receive paychecks from one or more employers, it’s a good idea to do an annual checkup to make sure the right amount of income tax is being withheld.…

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couple in retirement considering taxes

Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local…

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accounting standards

Close-Up on Professional Standards for CPAs

The accounting profession is largely self-regulated by the American Institute of Certified Public Accountants (AICPA). Part of its mission involves the development and enforcement of a broad range of standards…

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entrepreneur expenses start-up

How Entrepreneurs Must Treat Expenses on Their Tax Returns

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open…

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couple reviewing unexpected tax liability

If You Have an Unexpected Tax Bill, a Payment Plan May Be Your Best Option

Although recent changes in the tax law brought some new deductions and reductions in the highest marginal tax brackets, the loss or limitation of many deductions and changes in the…

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transportation benefits

IRS Offers Nonprofits New Transportation Benefits Guidance

The Tax Cuts and Jobs Act (TCJA) dealt several blows to the nonprofit sector. One of them is that, effective January 1, 2018, nonprofit employers are subject to tax on…

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Medicare

Seniors: Medicare Premiums Could Lower Your Tax Bill

Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can…

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captive insurance

Risk Management: Could a Captive Insurance Company Suit You?

Insurance is a challenge for most construction businesses. You want to control your costs, but you may struggle to obtain affordable coverage of difficult-to-insure risks or fill “gaps” in your…

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required minimum distributions RMDs age 70 1/2 business person

Still Working After Age 70½? You May Not Have to Begin 401(k) Withdrawals

If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year…

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