Articles Tagged - TaxServices

IRS Disaster Relief: Relief for Taxpayers Affected by Hurricanes Harvey & Irma

By Wiss, Posted in Tax

By: Evan Gernant The IRS has published various notices granting tax relief to “affected taxpayers” of hurricanes Harvey, impacting Texas beginning August 25, 2017, and Irma, impacting Puerto Rico, the U.S. Virgin Islands, Florida and Georgia just a few weeks later. Affected taxpayers are defined as: Individuals whose principal residence is located in a covered disaster area; Businesses whose principal place of business is located in a covered disaster area; Any relief worker affiliated wit... read more.

End-of-Year Tax Planning: How to Lessen Year-End Stress

By Wiss, Posted in Tax

By Laura Melville We are more than halfway through 2017 – and that means the fourth quarter is already on the horizon. When those final three months of this year arrive, it’s time for your business to focus on planning for 2018 in earnest. Unfortunately, many businesses wait to begin year-end planning until then, as well. Your team will already have its hands full preparing budgets and mapping out your company’s strategies for the following year, and an end-of-year tax preparation-planni... read more.

Meals and Entertainment: How to Classify Business Expenses for Tax Purposes

By Wiss, Posted in Tax

By Louann Cassano Whether it’s drinks with a client or dinner during a work trip, meals and entertainment are generally tax-deductible business expenses. However, the size of the allowable write-off depends on the circumstances of the expenditure, including the purpose of the meal or entertainment, who the recipient is and where the expense takes place. If you don’t understand the IRS rules that govern these deductions, you may be tempted to lump all meals and entertainment into one category.... read more.

10K Plus in Your Foreign Account? File an FBAR to Avoid a Tax Penalty

By Wiss, Posted in Tax

If you maintain a foreign financial account, which could be a bank account, a mutual fund, a brokerage account, or any other sort of account, that contains a collective value of $10,000, you may be requested by the Bank Secrecy Act to report your account annually to the Department of Treasury through electronic filing. The Report of Foreign Bank and Financial Accounts, FBAR, is a form that must be recorded directly with the office of Financial Crimes Enforcement Network, or FinCEN. Those who complete this... read more.

No Health Coverage? Be Prepared to Pay a Hefty Price

By Wiss, Posted in Tax

As of now, Obamacare’s individual mandate requests that you purchase health insurance. If you can afford the coverage and refuse to acquire it, a big fee could be headed your way. For the tax year of 2016, the Individual Shared Responsibility fine skyrocketed to 2.5 percent of an individual’s complete household adjusted gross income. However, for the new year and beyond, the amount will stay at 2.5 but the flat fee will be regulated for inflation. For each month you do not have coverage, you, yo... read more.

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