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Big Business Write-Offs Available

By Joaquin On April 20, 2016 · Add Comment
Big Business Write-Offs Available Article Highlights: PATH Act Section 179 Deductions Leasehold Property Restaurant Property Retail Improvements Bonus Depreciation Auto and Small Truck First-Year Write-Offs With the enactment of the Protecting Americans from Tax Hikes (PATH) Act, Congress made two significant business-friendly changes in the tax law, extending bonus depreciation and making the Section 179 [...]
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May 2016 Individual Due Dates

By Joaquin On April 20, 2016 · Add Comment
May 2016 Individual Due Dates May 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA [...]
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May 2016 Business Due Dates

By Joaquin On April 20, 2016 · Add Comment
May 2016 Business Due Dates May 2 –  Federal Unemployment Tax Deposit the tax owed through March if it is more than $500. May 2 – Social Security, Medicare and Withheld Income Tax File Form 941 for the first quarter of 2016. Deposit or pay any undeposited tax under the accuracy of deposit rules. If [...]
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Did You End Up Owing Taxes or Getting a Big Refund? Maybe You Need to Adjust Your W-4

By Joaquin On April 15, 2016 · Add Comment
Did You End Up Owing Taxes or Getting a Big Refund? Maybe You Need to Adjust Your W-4 Article Highlights: Large Refund or Tax Due Employers Withhold Based on W-4 IRS Online Withholding Calculator Self-employed Taxpayers If you are a wage earner and that is your primary source of income and you received a very [...]
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What Are the Tax Implications of Paying or Receiving Alimony?

By Joaquin On April 15, 2016 · Add Comment
What Are the Tax Implications of Paying or Receiving Alimony? Article Highlights: Definition of Alimony When Is It Income, and When Is It Deductible? IRA Qualification Effect of Child Support Need for Estimated Payments IRS Matching Program Recently divorced individuals may pay or receive alimony. If this is your situation, here are some tips for [...]
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Owe Taxes and Can’t Pay?

By Joaquin On April 10, 2016 · Add Comment
Owe Taxes and Can’t Pay? Article Highlights: If you can’t pay Loans Credit card payments IRS Installment agreement Retirement funds Are you one of the unfortunate Americans that end up owing and cannot pay your tax liability? The IRS encourages you to pay the full amount of your tax liability on time by imposing significant [...]
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First 2016 Estimated Tax Payment Due Soon

By Joaquin On April 1, 2016 · Add Comment
First 2016 Estimated Tax Payment Due Soon Article Highlights: Pay-as-you-go tax system Tax law changes affecting estimates Underpayment penalties Safe harbor estimates The government wants its tax revenue up front and has a “pay-as-you-go” system, and if your pre-paid amount is not enough, you become liable for non-deductible interest penalties. To facilitate that concept, the [...]
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Understanding the Fine Points of Capital Gains and Losses

By Joaquin On March 29, 2016 · Add Comment
Understanding the Fine Points of Capital Gains and Losses Article Highlights: What is a Capital Asset? Long-Term Capital Gains Rates Capital Loss Limitations Asset Basis Net Investment Income Tax Home Sales Wash Sales There is a category of income resulting from the sale of capital assets that receives special treatment for tax purposes. A capital [...]
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Deducting Startup Costs for Your New Business at Tax Time

By Joaquin On March 25, 2016 · Add Comment
Deducting Startup Costs for Your New Business at Tax Time Before you earn your first dollar, before you are even open for business, your startup can incur considerable expenses. The money you spend opening your business can often be deducted; the IRS allows you to deduct many of these one-time startup costs. Speaking with an [...]
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April 2016 Individual Due Dates

By Joaquin On March 25, 2016 · Add Comment
April 2016 Individual Due Dates April 1 – Last Day to Withdraw Required Minimum Distribution Last day to withdraw 2015’s required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in 2015. Failing to make a timely withdrawal may result in a penalty equal to 50% of the amount that should have [...]
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  • D&J Accounting & Tax Services, Ltd. • 4950 N. Harlem Avenue • Harwood Heights, IL 60706 • T 773-237-7400 F 773-237-2822 mówimy po polsku
  • Home
  • About
  • Services
  • Conference Center
  • QuickBooks
  • Payroll
  • Part Time CFO Services
  • Blog
  • Cash Flow Management
  • Strategic Business Planning
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  • Tax Preparation
  • Tax Planning
  • Tax Representation
  • Bankruptcy
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  • Contact Us
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