If you hold foreign bank or financial accounts, or have signature authority over such accounts, and the total value of all your accounts exceeds $10,000 at any time during the calendar year, you may be required to file a Treasury
Read moreAre you making summer plans for visiting your vacation home? If so, do you have to schedule your stay around dates reserved by paying guests? When you use your vacation home personally and also rent it during the year, you
Read moreThe IRS recently issued the depreciation limits for business vehicles you buy and place into service this year. For cars, if 50% bonus depreciation does not apply, the first year limit is $3,160. If bonus depreciation applies to a business
Read moreIf you reported more business expenses than income on your 2015 tax return, you may have a net operating loss. That means you have the opportunity to apply your loss to past and future tax years to generate a refund
Read moreDid you receive a big tax refund or owe the IRS a lot of money for 2015? Then it's time to update the form that tells your employer how to calculate your federal income tax withholding. That is Form W-4,
Read moreIf you helped support your parents or other adult relatives in 2015, tax breaks are available that could lower your taxes. You may be able to claim your relative as a dependent, deduct extra medical expenses, or use a more
Read moreDid you buy any equipment or other business assets during 2015? Here are the current rules for maximizing your tax deduction. Section 179. Under code Section 179, you can expense many types of otherwise depreciable property used in your business.
Read moreWhen you acquire tangible property to use in your business, you have to determine whether the costs should be expensed or capitalized. You probably prefer expensing so you can deduct the entire cost in the year of purchase. Otherwise, you’d
Read moreWhile retirement plan contribution limits have not increased for 2016, taking full advantage of allowable contributions and any amounts your employer matches is still a good idea. Contributions you make to employer-sponsored retirement plans reduce your taxable income because your
Read moreIf you're an applicable large employer, you may be required to file a new tax form this month. Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, is required for each full-time employee. The form discloses information on the group health
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