Accounting
Reduce Your Taxes with Miscellaneous Deductions
If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses. You may benefit from this because a tax deduction normally reduces your federal income tax. Here are some things you should know about miscellaneous deductions: Miscellaneous Deductions Subject to the Two Percent Limit. You can deduct most miscellaneous expenses…
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Back-to-School Tax Tips for Students and Parents
Going to college can be a stressful time for students and parents. The IRS offers these tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress. American Opportunity Tax Credit This credit can be up to $2,500 per eligible student. The AOTC is available for the…
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10 Strategic Mid Year Small Business Tax Tips
Setup your Mid Year Tax Review with Davis & Associates Summertime is probably not the time you want to think about tax planning. The problem is that if you wait until the end of the year, there’s little time for changes to take effect. But if you take the time to plan now, you can…
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What To Do If You Have Not Filed Your Tax Return
Have you procrastinated and missed the deadline for filing your tax return? Regardless if you filed an extension, you should file your return as soon as possible. Collect all your tax information and bring it in as soon as possible to have your taxes prepared. What if My Tax Return is Past Due? If your…
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Small Business Retirement Plan Penalty Relief Expires Soon
If you own a small business with a retirement plan for employees, you are required to file returns for those plans in a timely manner or pay some pretty hefty penalties. On June 2, 2014, the IRS launched a penalty relief program for small businesses unaware of such requirements, and will waive penalties if you…
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