Standard Deduction The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017, up from $6,300 in 2016, and for heads of households, the standard deduction will be $9,350 for…
Details
For many businesses, January means preparing the previous year’s documents, invoices and receipts for tax filing. It’s important to understand any tax changes that may impact your business this year. As a new administration transitions into the White House, the potential for volatility in the realm of tax policy is high. Deadline Changes First and…
Details
The Internal Revenue Service recently issued the 2017 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning January 1, 2017 standard mileage rates for the use of cars, vans, pickup trucks, or panel trucks will lower to 53.5 cents per…
Details
If you paid someone to care for your child, spouse, or dependent last year, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are 10 things the IRS wants you to know about claiming a credit for child and dependent care expenses. The care must…
Details
FBAR What is FBAR FBAR is a report of foreign bank accounts and its sole purpose is to collect data on the balances of foreign bank accounts. Who Has to File an FBAR If you have had $10,000 or more in a foreign bank account, brokerage account, mutual fund, trust or other type of foreign…
Details
Identity theft places a burden on its victims and presents a challenge to businesses, organizations and government agencies, including the IRS. Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Identity thieves often use a legitimate taxpayer’s identity to fraudulently file a tax…
Details