December 1 was to be the day millions of salaried workers would start being eligible for overtime pay based on change made by the Obama administration. A federal judge blocked this rule to extend mandatory overtime from taking effect. 21 states and a coalition of business groups, including the U.S. Chamber of Commerce, were […]
How exciting – you just won it big at the slot machines and you are trying to think of how to spend it. Not so fast. This is considered income. You may need to pay taxes on your winnings. The payer is required to provide you with Form W-2G if you receive certain gambling winnings. This form […]
Well…maybe….. If you give gifts from your business they are deductible up to $25 per person per year. Also keep in mind that gifts to a specific person, even if there is a hardship, do not qualify as a charitable contribution. You may owe gift tax if you give gifts over a specified amount […]
The scammers are sending fake IRS2000 notices that involve the Affordable Care Act (aka Obamacare). In many cases the fake notices arrive as an attachment to an email or by US mail. There may be a payment link in the mail. DO NOT OPEN THE ATTACHMENT or click any links. Doing so may install […]
Moving expenses may be deductible if you moved due to a change in your job or business location. In order to deduct moving expenses, three requirements must be met: The time of the move must closely relate to the start of work. Generally, you may consider moving expenses within one year of the date you […]
Did you have expenses on behalf of your job that were not reimbursed by your employer? If so, some may be deductible on your tax return if you itemize your deductions. In order for these to be deductible, they must be qualified expenses. Only amounts not reimbursed by your employer may be deducted. Some examples […]
Are you looking for a new job? If so, some of your job search expenses may be deductible. Following are some of the requirements for these expenses to be deductible: Your expenses must be for a job search in your current line of work. You cannot deduct expenses if the job search is for a new […]
Do you need to enroll or change your health plan through the Health Insurance Marketplace (Affordable Care Act/Obamacare)? If so, be aware that open enrollment began on November 1, 2016. You may preview plans and prices for available coverage through the Healthcare.gov website. Following are some other important dates to keep in mind: December 15, 2016 – This is the […]
