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2015 Tax Extenders Business Owners Should Know

The President signed the Protecting Americans from Tax Hikes Act of 2015 (PATH), which extends numerous temporary tax provisions that Americans have become accustomed to Congress retroactively extending at the end of each year. Here are a few of…

2016 Retirement Plan Limits

The IRS has announced the key dollar figure limitations and thresholds that will apply to qualified plans for 2016. Here is a summary of some of the 2016 retirement limit amounts that have been made official through the Internal…

Save on Taxes by Hiring Your Children

As a small business owner you shouldn’t overlook the opportunity to provide your children with work experience. Also, there may be some tax advantages to hiring them. Tax Leverage Hiring your child under the age of 18 can save on taxes. The tax…

An Introduction to Four Federal Income Taxes

You probably find income taxes — federal, state, city or local — very complex. You’re not alone. Americans essentially have four federal tax regimes to deal with — ordinary income tax, capital gain tax, alternative minimum tax, and the…

Do I Have To Pay Income Tax On These Items?

Individuals who win court awards, or receive proceeds from lawsuit settlements, or receive certain governmental benefits, often question whether the amounts received are taxable or not. The answer to this question typically is, “it depends.” What drives the result…

5 Tips for Responding to a Tax Audit

What do all U.S. taxpayers have in common? The April 15th tax deadline and the dread of a possible tax audit. People receive income from a variety of sources and are required to report this income to the federal…