July 26, 2016
As the final weeks of summer tick away, back-to-school sales are ramping up and it's time to think about getting those kids back in the classroom. It's also a good time to think about a variety of tax breaks and deductions available for qualifying ...
July 25, 2016
Generally, the IRS says that the value of lodging furnished to an employee may be excluded from taxable wages only if it meets the following three conditions. (Different tests may apply to lodging furnished by educational institutions.)
July 21, 2016
The bad news is, if you are paying more than $2.5k per year in student loan interest, the excess is not deductible and cannot be carried forward. Also, if you are making more than $65k per year, the deduction begins to phase out, and if you are making ...
July 20, 2016
Under the ACA, employers are generally required to provide at least minimal essential coverage to full-time employees. Beginning in 2016, the employer mandate applies to employers with 50 or more employers. (Smaller businesses are exempt.)
July 13, 2016
If there’s one thing we all have in common, it’s that no one enjoys filing taxes. But, according to recent studies, millennials feel particularly anxious about the annual process.
July 8, 2016
To help ease the burden of hard-working parents, employers may institute a dependent care assistance plan for employees. Under such a plan, payments made to third parties like babysitters and day care centers are excluded from income if the costs ...
July 6, 2016
Leaders from the Internal Revenue Service, state tax agencies and tax preparation community are warning tax preparers that they increasingly are targets of cybercriminals and should take appropriate steps to protect clients from data theft.
July 6, 2016
If some of your employees are looking to go back to school, or to enroll in college courses for the first time, you might decide to lend a helping hand. An employer can set up a program that effectively pays for all or most of the costs on a tax-free ...
July 5, 2016
Does your business provide meals to its employees in your own cafeteria or by other means? Generally, the cost of this fringe benefit is deductible by the business and tax-free to the employees, but only as long as certain tax law requirements are met.
July 4, 2016
The statutory requirements for on-site athletic facilities are precise. If you operate a gym or similar facility on the business premises, the value of the benefit is exempt from tax and deductible by the company as long as substantially all use at ...
July 3, 2016
Taxpayers who adopt children may be in line for special tax breaks. Significantly, you can claim a generous tax credit for qualified adoption expenses you’ve incurred, subject to a reduction based on your modified gross income (AGI). But high-income ...
June 28, 2016
If morale in your workplace has hit rock-bottom, you can boost spirits – and hopefully productivity – by establishing a program of employee achievement awards. As long as certain requirements are met, the awards are tax-free to employees and ...