Month: October 2018

Taxpayers Challenging a Levy Now Have More Time

Due to tax reform legislation enacted in December, individuals and businesses now have two years to file an administrative claim or bring a civil action for wrongful levy or seizure. The Prior to tax reform the limit was nine months. Here are five facts about levies and the extension of time to file a claim or civil action:

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Applying for Tax-Exempt Status as Nonprofit

If you’re thinking of starting a nonprofit organization, there are a few things you should know before you get started. First, is understanding how nonprofits work under state and federal law. For example, two things you should understand is that state law governs nonprofit status. Nonprofit status is determined by an organization’s articles of incorporation or trust documents while federal law governs tax-exempt status (i.e., exemption from federal income tax). Whether you’re starting a charity, a social organization, or an association here are the steps you need to take before you can apply for tax-exempt status.

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Apps for Tracking Business Mileage

Every business owner, no matter how small, must keep good records. But whether it’s keeping track of mileage, documenting expenses, or separating personal from business use, keeping up with paperwork is a seemingly never-ending job.

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Employer Reimbursements for Moving Expenses

For tax years prior to 2018, employees could exclude from income moving expenses reimbursed or paid by an employer. However, due to the passage of the Tax Cuts and Jobs Act (TCJA) last year, this tax provision has been suspended starting this year. This means, that going forward, these amounts are considered taxable income with one exception: amounts reimbursed to active-duty members of the U.S. Armed Forces whose moves relate to a military-ordered permanent change of station.

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Tax Considerations when Hiring Household Help

If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road.

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Five Things to know before Starting a Business

Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. Also, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That’s where a tax professional can help.

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Early Withdrawals from Retirement Plans

Many people find themselves in situations where they need to withdraw money from their retirement plan earlier than planned. Doing so, however, can trigger an additional tax on top of any income tax taxpayers may have to pay. Here are five things taxpayers should know about early withdrawals from retirement plans:

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Avoiding an Unexpected Tax Bill

Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it’s even more so since a number of tax provisions have changed. As such, it’s important to make sure the right amount of tax is withheld for your particular tax situation.

Many taxpayers have already adjusted their withholding, but for those with more complicated tax situations who have been putting it off, it’s not too late. You should be aware, however, that the longer you wait, the fewer pay periods there are to withhold the necessary federal tax. In other words, more tax will have to be withheld from each remaining paycheck.

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