For 2015 tax returns, everyone employed by a company with 50 or more employees will receive a new Form 1095. This form is in addition to the Form 1095’s received by other taxpayers using the Marketplace to purchase their health insurance. You need this form...
If you are one of the unfortunate victims of IRS identity theft you will need a one-time PIN to file your tax return. Without this numeric identifier your 2015 tax return will be rejected. The IRS issues taxpayer victims this PIN in a written notice. What...
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The fourth quarter due date is now here. Normal due date: Friday, January 15, 2016 Remember you are required to withhold...
The IRS recently announced mileage rates to be used for travel in 2016. The Business mileage rate decreases by 3.5 cents while Medical and Moving mileage rates are lowered by 4.0 cents. Charitable mileage rates are unchanged. 2016 New Mileage Rates Standard Mileage Rates Mileage Rate/Mile Business Travel 54.0¢ Medical/Moving 19.0¢ Charitable Work 14.0¢ Here are...
Smart Business Services 14001-C St. Germain Drive Suite 253 | Centreville, VA 20121 Ph: 866-541-5111 | Fax: (866) 465-0283 | kdolan@sbsnova.com In the News: Tax Extenders Bill Passes Many tax changes impact 2015 Category: What's New Congress has passed legislation that will impact your 2015 tax bill. Most of these...
One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a taxable event. But...
Here is a quick look at 2016 tax rates and their associated income levels. Using your past tax information, you can plan for your tax obligation next year starting now. Don't forget that tax payers in the higher income levels are also subject to an additional...
Smart Business Services 14001-C St. Germain Drive Suite 253 | Centreville, VA 20121 Ph: 866-541-5111 | Fax: (866) 465-0283 | kdolan@sbsnova.com Double Check the Check An idea to keep your tax life simple Category: Miscellaneous Following these tips when you receive a payment from the Federal or State government can...
Many tax experts talk about shifting your tax burden from one year to the next. While in theory it may make sense, in practice how can you make it work for you? The concept Since the tax code is complex in its construction, there are often opportunities...
As the year winds down, what can you do to minimize surprises at tax time? Often a simple answer can be found in last year’s tax return. So pull out the file, grab your favorite beverage, and spend a moment or two with your old...
