Can You Deduct Job-Related Moving Expenses?
As the weather and economy warm up, employers may be looking to bring in fresh new talent or transfer employees between locations. Individuals who relocate for work purposes may be eligible to deduct certain moving costs on their returns if they meet the tax law tests for distance and time. Here we discuss eligibility for the deduction and explain how to handle employer reimbursements.
Safeguard Your Personal Information Against Online Surveillance
The Internet has revolutionized our lives. It facilitates transactions and the transmission of information. But with opportunities come risks. In today's Web-based world, it's critical to know the contents of your "digital dossier" and take steps to minimize the risks that various forms of online surveillance pose to your personal and financial security.
Tax Day Countdown: Reduce Your Tax Bill with Retirement Accounts
The IRS has already issued 54.2 million tax refunds, averaging nearly $3,000 each. Unfortunately, many taxpayers face the reverse situation. If you owe taxes for 2014, you still may be able to reduce your bill by contributing to an IRA or SEP before the April 15 deadline. Here are the basic rules, deadlines and strategies. We'll also tell you how to open and fund a myRA account, the Treasury's new Roth-IRA variant.
Coming Soon: ABLE Accounts for Disabled Individuals
Starting in 2015, families of individuals with disabilities may be eligible for a new type of tax-advantaged savings account, similar to the 529 plans that are used to pay for college expenses. Here are 10 key facts you should know about these savings plans, which were created under the Achieving Better Life Experience Act of 2014 (ABLE Act).
Industries that Could Be Booming as the Baby Boomers Age
Baby Boomers currently represent about a quarter of the U.S. population, but they control 70 percent of the nation's disposable income. In this article, we discuss consumer market trends brought on by this demographic and some industries that stand to benefit as the boomers age. We also highlight iconic Baby Boomers and popular relocation destinations for empty nesters wanting to downsize their homes.
Get a Better Handle on Bitcoin Tax Issues
Despite numerous risks, inherent price volatility and some bad press, convertible virtual currencies, including the Bitcoin, are growing in popularity. Many high-profile companies accept Bitcoins and thousands more are expected to jump on the bandwagon in 2015. Here are some of the risk factors and tax issues you should be aware of before using or investing in Bitcoins.
Spring Fever: How to Keep March Madness under Control
After a brutal winter across parts of the country, everyone is looking forward to spring. "March Madness" is one sign that winter is almost over. Employers who see the NCAA basketball tournament as more than a workplace distraction may score big by fostering a "team" environment -- but there are some cautions.Also: Two tax proposals that are unpopular with NCAA fans.
Small Business Reprieve on Health Premium Reimbursement Plans
Good news from the IRS: Small businesses have been granted a temporary reprieve if they've been paying employees the cost of buying their own health coverage. A few months ago that arrangement was deemed unacceptable and, therefore, subject to hefty penalties. Here's what you must do by June 30 to avoid penalties, as well as information about recent changes to the small business health care tax credit.
Employers Get Extension on Work Opportunity Tax Credit Paperwork
The IRS is giving employers extra time to file a form required to claim the Work Opportunity Tax Credit for eligible employees. Employers now have until April 30, 2015 to file the form that is required to claim the valuable tax credit for qualifying workers hired in 2014. This article has the details about the IRS relief and the steps an employer must take to take advantage of this opportunity.
The IRS Simplifies Repair Regulations for Small Businesses
Good news! It recently became easier for small businesses to take advantage of the final repair regulations. Here's some background on what the repair regs address and how the IRS has reduced some of the red tape for qualifying small businesses. Before you file your 2014 business return, review your company's fixed asset capitalization policies for potential tax savings opportunities.