May 15, 2018
Tax Tip Tuesday Financial Blog Post

New Tax Credits for Small Businesses Offering Health Plans from SHOP

Small Business owners providing health care to their employees should take time to look into the Small Business Health Care Tax Credit, on the IRS website. There are guidelines for those wishing to claim the credit, as well as those that were unable to do so in 2017  because of unavailability of coverage in the Small Business Health Options Program (SHOP) Marketplace. Notice 2018-27 offers directions for calculating the credit under those circumstances.
July 11, 2017
Tax Tip Tuesday Financial Blog Post

Understanding Taxes When Renting Out Residential or Vacation Property

Summertime is a time of year when people rent out their property. In addition to the standard clean up and maintenance, owners need to be aware of the tax implications of residential and vacation home rentals. Receiving money for the use of a dwelling also used as a taxpayer’s personal residence generally, requires reporting the rental income on a tax return. It also means certain expenses may become deductible to reduce the total amount of rental income that’s subject to tax.
April 12, 2017
hire a cpa

DIY = Business Mistake? Hire a CPA!

 Hey, guys! This is Justin Goodbread with Financially Simple. I’m holding two books that we’re going to talk about these. I want to use them to illustrate one of the biggest mistakes I see business owners make.
April 11, 2017

Tips to Know about the Home Office Deduction

Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. Use the simplified method or the regular method to claim a deduction. Here are six tips to keep in mind when taking the home office deduction:
June 1, 2016
Tips for Gift Taxes

Do You Need to Pay Estimated Taxes?

While most employees have taxes automatically withheld from their pay, if you are self-employed or don’t have enough taxes withheld from your paycheck, you may need to make estimated tax payments throughout the year. Here’s what you need to know: You should make estimated tax payments if you expect to owe at least $1,000 in taxes in 2016 after subtracting your withholding and refundable credits. To calculate the tax, estimate the amount of income you expect to receive for the year, taking into account any tax deductions and credits you can claim. Use Form 1040-ES to figure your tax. Most people should make estimated tax payments four times a year. In 2016, those dates are April 18, June 15, September 15, and January 17, 2017. You can make estimated payments by mail, over the phone, and online. For more information about paying estimated taxes or adjusting your withholding, speak to […]