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April 2016 Business Due Dates

By Joaquin On March 25, 2016 · Add Comment
April 2016 Business Due Dates April 18 – Household Employer Return Due If you paid cash wages of $1,900 or more in 2015 to a household employee, you must file Schedule H. If you are required to file a federal income tax return (Form 1040), file Schedule H with the return and report any household [...]
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Tax Filing Deadline Rapidly Approaching

By Joaquin On March 24, 2016 · Add Comment
Tax Filing Deadline Rapidly Approaching Article Highlights: Balance due payments Contributions to a Roth or traditional IRA Estimated tax payments for the first quarter of 2016 Individual refund claims for tax year 2012 Just a reminder to those who have not yet filed their 2015 tax return that April 18, 2016 is the due date [...]
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Must I, or Should I, File a Tax Return?

By Joaquin On March 23, 2016 · Add Comment
Must I, or Should I, File a Tax Return? Article Highlights: When You Are Required to File Self-Employed Taxpayers Filing Thresholds Consequences of Not Filing Benefits of Filing Even When Not Required to File Refundable Tax Credits This is a question many taxpayers ask during this time of year, and the question is far more [...]
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Domestic Production Activities Deduction

By Joaquin On March 20, 2016 · Add Comment
Domestic Production Activities Deduction The Domestic Production Activities Deduction went into effect in 2005. It was established to provide tax relief for businesses that produce goods in the United States. The objective of this deduction is to increase production and employment in the United States. As a result, in order to qualify for this deduction [...]
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Can You Deduct Employee Expenses?

By Joaquin On March 20, 2016 · Add Comment
Can You Deduct Employee Expenses? Article Highlights: Condition of Employment Employer Reimbursements Miscellaneous Itemized Deductions Alternative Minimum Tax Home Office Computer Uniforms and Special Work Clothes Education Impairment-Related Work Expenses Job-Search Expenses If you are an employee, you may be curious about which expenses relating to your employment are deductible on your tax return. This [...]
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Clock is Ticking for Retirement Plan Contributions

By Joaquin On March 15, 2016 · Add Comment
Clock is Ticking for Retirement Plan Contributions Article Highlights 2015 IRA contributions can be made through April 18, 2016. 2015 SEP IRA & Solo 401(k) contributions can be made through October 17, 2016. 2015 Health Savings Account contributions can be made through April 18, 2016. 2015 Coverdell Education Account contributions can be made through April [...]
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Minimizing Tax on Social Security Benefits

By Joaquin On March 10, 2016 · Add Comment
Minimizing Tax on Social Security Benefits Article Highlights: Income as a Factor Filing Status as a Factor 85% Maximum Taxable Base Amounts Deferring Income Maximizing IRA Distributions Whether your Social Security benefits are taxable (and, if so, how much of them are) depends on a number of issues. The following facts will help you understand [...]
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Employers – Important Due Date Approaching

By Joaquin On March 9, 2016 · Add Comment
Employers – Important Due Date Approaching Article Highlights: Forms 1094-C and 1095-C Applicable Large Employer Forms’ Purpose Filing Due Dates Beginning in 2015, Applicable Large Employers are required to file a new informational return – 1095-C, Employer-Provided Health Insurance Offer and Coverage. One of these informational returns must be provided to each full-time employee and [...]
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Penalty for Not Having Health Insurance Surprises Many

By Joaquin On March 3, 2016 · Add Comment
Penalty for Not Having Health Insurance Surprises Many Article Highlights: Penalty Being Phased in Over Three Years Larger of Two Amounts Flat Dollar Amount Percentage-of-Income Amount Penalty Applied by Month Many taxpayers are surprised by the size of the penalty being imposed for not having health insurance in 2015. This may be a wake-up call [...]
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Don’t Have a Retirement Plan? Maybe a SEP Is the Answer.

By Joaquin On March 1, 2016 · Add Comment
Don’t Have a Retirement Plan? Maybe a SEP Is the Answer. Article Highlights: What Is a SEP? Contribution Limits Employee Coverage Requirements How to Establish a SEP SEP Distributions If you are like many small business owners, you probably find the year-end period to be a very busy time. You can’t close your books and [...]
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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
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