Employee or Independent Contractor? Know the Rules

The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor. An employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Employers normally do not have to withhold or […]

Hobby or Business? IRS Offers Tips to Decide

Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing — no matter what a person’s passion, the Internal Revenue Service offers some tips on hobbies. Taxpayers must report on their tax return the income earned from hobbies. The rules for how […]

Review Your Taxes in The Summer for Less Surprises Next Spring

Each year many people are surprised to find out they owe more money on their taxes than they originally thought. While others might be excited at the arrival of a larger refund check than they previously planned for. Has this happened to you? You might want to consider staying on top of your tax situation […]

How a Name Change Impacts Taxes

You’ve completed your taxes, and you have a nice healthy tax refund awaiting you. You’re just waiting on the IRS to put that check in the mail. But for some reason, your tax return isn’t coming as quickly as it normally does. Why? Did you change your name last year? Believe it or not, that […]

How to File an Amended Tax Return

We all know filing taxes is not the easiest job in the world (that’s why you hire us to help!) Mistakes do happen from time to time, so what do you do when you realize there is an error after you’ve already handed in your returns? Well, there are two options: The first option is […]

Affordable Care Act Premium Tax Credit

With the implementation of the Affordable Care Act, also known as “ObamaCare,” health care coverage is now required. This can be a heavy burden when you’re on a tight budget. Luckily, the IRS has allowed for a premium tax credit for those who have moderate incomes and need help paying for their health care coverage. […]

Affordable Care Act Individual Shared Responsibility Payment

Health care coverage is now required under the Affordable Care Act, also known as “Obamacare.” If you do not have coverage, the IRS can charge you with an individual shared responsibility payment when you file your taxes in 2015. In their article on the subject, the IRS lists three reasons why you would have to […]

Affordable Care Act Tax Exemptions

As of 2014, if you do not have health insurance coverage or have a gap in coverage, you will have to either pay an individual shared responsibility fee or file for an exemption when you file your taxes in 2015. Wondering how to make the right choices for your health care tax provisions? Here are […]

Don’t Wave a Red Flag to the IRS

Tax time can be stressful: meeting deadlines, finding invoices and receipts, and figuring out how much to write off while avoiding an audit. An accountant can alleviate some of the stress, but not all of it! A colleague of mine published these tips in their newsletter, figured I’d share. Here’s a list of things to […]

Three Year-End Tax Tips from the IRS to Help You Save Money

Sure, the tax year is coming to an end, but there are still steps you can take to lower your 2014 taxes. I found an excellent article on year-end tax tips that can help you save time and tax dollars. They can even help you save for retirement. Who doesn’t love to save money? Here […]