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New overtime option? Under a new bill proposed in the House, employers can offer to reward employees with extra time off in lieu of receiving pay at the usual time-and-a-half overtime rate. The choice would be voluntary. Any unused compensatory time at the end of a year would be converted to overtime pay. www.SmallBizTax.net Small […]
S corporation owners can only deduct losses up to the amount of their basis in the shares. But some business owners ignore this limit, much to the chagrin of the IRS. Now the tax collection agency’s Large Business and International Division is ramping up audits in this area. Its agents will contact shareholders to ensure […]
Fantasy sports is sweeping the nation. It can range from casual leagues just for fun to heavy betting for high stakes. Strategy: Learn the tax consequences. If you don’t, you could land in hot water with the IRS. Although the tax law is still evolving, fantasy sports is generally treated as a form of gambling […]
Did the IRS just signal the end of Obamacare? Under the Affordable Care Act (ACA), supported by President Obama, the agency would reject tax returns if taxpayers indicated that they didn’t have qualified health insurance, unless they were exempted. If Line 61 of Form 1040 was left silent, the return was to be rejected. The […]
Here’s what happens. The IRS Automated Underreporter Unit (AUR) matches income reported on individual tax returns with the income that is reported to the IRS from various third parties (e.g., employers, financial institutions, and banks) and recorded in its wage and income transcript file. If there is a difference, the IRS “flags” the tax return […]
Question: My accountant says my state income tax refund from last year is taxable. Is this possible? H.C., Middlesex, N.J. Answer: Yes. If you claimed state income taxes as an itemized deduction on Schedule A of your 2015 Form 1040, any refund you received in 2016 from the state counts as taxable income on […]
Farms include ranches, ranges and orchards. Some raise livestock, poultry or fish. Others grow fruits or vegetables. Individuals report their farm income on Schedule F, Profit or Loss from Farming. If you own a farm, here are some tips to help at tax time: Crop insurance. Insurance payments from crop damage count as income. […]
When you give a gift to charity that helps the lives of others in need. It may also help you at tax time. You may be able to claim the gift as a deduction that may lower your tax. Here are eight tax tips you should know about deducting your gifts to charity: Qualified […]
If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you claim allowable expenses on Schedule A, Itemized Deductions. Here are some tips that you should know about this deduction. Ordinary and Necessary. You can only deduct unreimbursed expenses that are ordinary and […]
Are you a U.S. citizen or resident who worked abroad last year? Did you receive income from a foreign source in 2014? If you answered ‘yes’ to either of those questions here are seven tax tips you should know about foreign income: Report Worldwide Income. By law, U.S. citizens and residents must report their […]
