Now that the holidays are over, another event that is looming on the horizon may not be a cause for celebration: filing your tax return. Nevertheless, you can relieve some of the stress by having your return professionally prepared. There still is a little “work” required on your part, but it should not take much time or effort. Here are seven steps to guide you along the way.
The trust we put in software, coupled with our fears of getting in trouble with the IRS has become the perfect storm for those who wish to steal your identity. What follows are some tips for protecting yourself in this electronic world.
No one can predict with any great certainty the financial outlook for 2016, especially with the national elections looming in November. Nevertheless, here are 10 top money management moves that make sense for the rest of this year.
Manufacturing Deductions—Under Section 199 of the tax code, a business may claim a “manufacturing deduction” equal to 9% of its qualified domestic production income, subject to a limit of 50% of W-2 wages paid out during the year. Now the IRS has issued new regulations clarifying the rules on the W-2 limit in a short tax year. See your professional tax adviser for details.
There are many ways you can provide benefits to your favorite charity other than simply donating cash (although that is certainly appreciated, too). For instance, you can donate property such as a car or other vehicle that may be used to further the charity’s tax-exempt function. Of course, you are entitled to a charitable deduction for the gift.