July 7th, 2016 by Christian Wynns
A summer job is a classic rite of passage for teenagers. But teen jobs can be a source of aggravation for young workers and parents who aren’t prepared to deal with the potential taxes. When it comes to income, the IRS generally wants its cut, regardless of the earner’s age. But some special tax rules […]
June 16th, 2016 by Christian Wynns
Convincing your kids to use their summer earnings to invest in an IRA is a pretty tough sell. But it’s an excellent idea and one that might not be too outlandish if you encourage your child simply to allocate a portion of his or her earnings to the cause. Not only will modest contributions add […]
May 31st, 2016 by Christian Wynns
Business owners will be retiring in droves over the next ten years, which means they will be considering their options for passing the business on to family or key employees or to selling the business to someone else. This process will be a new experience for most owners since chances are they’ve never tried to […]
May 24th, 2016 by Christian Wynns
When unused flexible spending account (FSA) balances are forfeited back to employers under the “use-it-or-lose-it” rule, employers have several options for what they can do with the money. Here is what employers need to know after first covering some necessary background information. Flexible Spending Account Basics Under an employer-sponsored flexible spending account (FSA) plan, […]
May 10th, 2016 by Christian Wynns
With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a variety of medical expenses such as doctor visits, prescriptions, […]
March 17th, 2016 by Christian Wynns
Tax Day is right around the corner. Have you filed your federal tax return yet? The filing deadline to submit 2015 individual federal income tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. Washington, D.C., will celebrate Emancipation Day on Friday, April 15, which pushes the deadline to the following […]
March 1st, 2016 by Christian Wynns
If you’re reporting travel and entertainment (T&E) expenses on your tax return and you’re audited, there’s a good chance an agent will take a hard look at those items. Often the challenge won’t be whether the expense was appropriate for the business, but whether your records meet the letter of the law. And the IRS […]
February 22nd, 2016 by Christian Wynns
In January 2016, FASB issued update 2016-01 “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”. Purpose: To improve financial reporting by providing the end user more relevant information about an entity’s equity investments while also reducing the number of items recognized in other comprehensive income. Superseded provision: The […]
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