Natural Disaster Planning for Small Businesses - 360 Degrees of Financial Literacy (AICPA)

Today marks the 8th anniversary of Hurricane Katrina. Every year between August & October hurricanes roll through the Gulf Coast. Small business owners should remember to prepare their business much like their home. Whether your small business survives a natural disaster may depend as much (if not more) on the plans you put in place now, before a disaster occurs, as on what you do after a disaster strikes. Here are some disaster preparedness...

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Tips for Employers Who Outsource Payroll Duties

Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents. Reputable third-party payers can help employers streamline their business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax returns with state and federal authorities. Though most of these businesses provide very good service, there are,...

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Tax Benefits for Military Personnel

If you’re a member of the U.S. Armed Forces, there are many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file your tax return. Here are some of the more prominent of those benefits: Combat Pay Exclusion—If you are an enlisted member of the military serving in a combat zone you can exclude...

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Tax Tips for Newlyweds

  This time year is popular for weddings. So if you are a newlywed there are some important issues that need be taken care of—after the honeymoon. Now that you are married, your tax filing status has changed, and there are a number of steps you’ll need to take, to make a smooth transition into married life, such as… Notify the Social Security Administration - It’s important that your name and Social Security number match on your...

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Caring for an Elderly or Incapacitated Individual

With individuals living longer, we frequently find ourselves in the position of caregiver for elderly or incapacitated individuals. Whether you’re caring for an incapacitated or elderly spouse, an elderly parent, or even a child, understanding potential tax advantages can relieve some of the financial burden associated with being a caregiver. The following are some tax aspects of taking on the care of an elderly or incapacitated individual. Dependency exemption...

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Renting Your Home or Vacation Home

If you own a home in a vacation locale – whether it is your primary residence or a vacation home – and are considering renting it out to others, there are complicated tax rules referred to as the “vacation home rental rules” that you need to be aware of. Generally, the tax code breaks a “vacation rental” into three categories, each with a different treatment for income and expenses: Rented Fewer than 15 Days – If you rent your home for fewer...

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