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31Mar2014

Receiving Tips Can Be Taxing

Article Highlights: Tips are taxable and must be included on your tax return Tip splitting and cover charges Tip reporting to employer Employer tip allocation Daily log for tip record keeping   If you work in an occupation where tips are part of your total compensation, you need to be aware of several facts relating
  • 31 Mar, 2014
  • Haley Spain
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28Mar2014

Haven’t Filed an Income Tax Return?

Article Highlights: Late filing penalties Three-year statute of limitations Forfeited refunds Earned income credit Self-employment income If you have been procrastinating on filing your 2013 tax return or have other prior year returns that have not been filed, you should consider the consequences. The April 15 due date for the 2013 returns is just around
  • 28 Mar, 2014
  • Haley Spain
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27Mar2014

April Due Dates

April 2014 Individual Due Dates April 1 – Last Day to Withdraw Required Minimum Distribution Last day to withdraw 2013’s required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in 2013. Failing to make a timely withdrawal may result in a penalty equal to 50% of the amount that should have
  • 27 Mar, 2014
  • Haley Spain
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  • accountant, cpa, cpa taxes, filing, hattiesburg cpa, laurel cpa, mississippi, mississippi cpa, required filing, tax, tax deductions, tax filing, tax return, tax time, taxes,
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26Mar2014

Haven’t Filed an Income Tax Return?

  Article Highlights: Late filing penalties Three-year statute of limitations Forfeited refunds Earned income credit Self-employment income If you have been procrastinating on filing your 2013 tax return or have other prior year returns that have not been filed, you should consider the consequences. The April 15 due date for the 2013 returns is just
  • 26 Mar, 2014
  • Haley Spain
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24Mar2014

Don’t Get Scammed, They Are Very Clever

  Article Highlights: Scammers disguise e-mails to look legitimate. Legitimate businesses and the IRS never request sensitive personal and financial information by e-mail. Don’t become a victim. Stop—Think—Delete You may think we harp a lot on protecting yourself against identity theft. You are right…because having your identity stolen becomes an absolute financial nightmare, sometimes taking
  • 24 Mar, 2014
  • Haley Spain
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21Mar2014

Is This Your Situation — Kids Work in the Business?

  If you operate your business as a sole proprietorship, a single-member LLC (treated as a sole proprietorship for tax purposes), or a husband-wife partnership, here’s a great family tax planning deal: Hire your under-age-18 children as legitimate employees of the business. It doesn’t matter if they work part-time or full-time. Why does this idea
  • 21 Mar, 2014
  • Haley Spain
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20Mar2014

Getting Hit With the Alternative Minimum Tax?

Article Highlights: The alternative minimum tax, originally created to curb tax shelters and tax preferences of the wealthy, can now apply to the average taxpayer. Six commonly encountered deductions routinely cause the average taxpayer to be hit by the AMT. Incentive stock options can also have a profound impact on the AMT.    There are
  • 20 Mar, 2014
  • Haley Spain
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18Mar2014

Tax Breaks for Grandparents

Article Highlights: Head of household filing status Exemption deduction for the grandchild Earned income tax credit Child tax credit Childcare credit for certain working grandparents Grandchild education credits and deductions More and more individuals who thought their child-rearing days were over are now raising their grandchildren. The U.S. Census Bureau has found that there were
  • 18 Mar, 2014
  • Haley Spain
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  • accountant, cpa, cpa taxes, deductions, expenses, filing, gift tax, hattiesburg cpa, laurel cpa, mississippi, mississippi cpa, pinebelt cpa, required filing, tax, tax deductions, tax return, tax time, taxes,
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17Mar2014

Don’t Overlook the Spousal IRA

  Article Highlights: Non-working spouses can contribute to an IRA based upon the working spouse’s earned income. The combined contributions of both spouses cannot exceed the combined earned income. Each spouse’s contribution is limited to a maximum of $5,500 ($6,500 if over age 49). One frequently overlooked tax benefit is the “spousal IRA.” Generally, IRA
  • 17 Mar, 2014
  • Haley Spain
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14Mar2014

Clock is Ticking for Retirement Plan Contributions

Article Highlights:  2013 IRA contributions can be made through April 15, 2014 2013 SEP IRA contributions can be made through October 15, 2014 2013 Health Savings Account contributions can be made through April 15, 2014 2013 Coverdell Education Account contributions can be made through April 15, 2014 Did you know that you can make tax-deductible
  • 14 Mar, 2014
  • Haley Spain
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