The New Year means more than just resolutions and celebrations – it also means the beginning of tax season. With tax season looming, it is important to familiarize yourself with any changes the IRS has made to the filing regulations that may affect your business. One of the major changes implemented by the IRS for the 2016 tax year includes the increasing of the de minimis safe harbor threshold from $500 to $2500. […]
Taxes are a tricky subject. Love them or hate them, taxes help to provide for our country’s services and wellbeing. While some may not agree with the implementation of certain taxes, and politicians may vow to change them, the reality is that they are here to stay, so it is best to be educated on how certain policies affect you and your business. A big part of understanding best tax practices is knowing how to pay them, and how to use them to your advantage. With current headlines claiming that certain tax policies like the Net Operating Loss Carryback and Carryforward Provisions are either a genius move or a cowardly loophole, the fact of the matter is that the Net Operating Loss Provision is a legal tax practice that is used by many businesses each year. […]
For many college students all over the world, studying abroad is an exciting part of an educational career. Not only do they get to live in a foreign country, but they also get to experience that country’s culture up close and personal through experiences like classes and work. In fact, many students like this, or “au pairs”, who board temporarily in someone else’s foreign home for a period of time work as a nanny for the family they are living with. […]
When it comes to your taxes, the last thing you want to do is make a mistake. Throughout the year you should be constantly checking in on your finances, making sure you are on track to complete the necessary legalities. The IRS (Internal Revenue Service) expects all persons to be proactive when it comes to filing taxes, and holds everyone accountable for his or her own timeliness of the matter. […]
When it comes to any partnership that you may be a part of, it can be easy to forget about the tax responsibilities that your organization is responsible for. Throw into the mix all of the legalities of partnership taxes, and you could be looking at a situation that it a lot more difficult and time consuming than you had originally thought. Luckily for you, the IRS understands that sometimes mistakes are made and taxes are filed late, which is why the Rev Proc 84-35 exists. […]
Taxes can be a difficult task to master, but with the right knowledge and follow through, they can be incredibly beneficial to your company. Not only are the proper tax procedures a legal matter, they are also vital in getting the most out of your business. One example of a tax credit that plays a beneficiary role in many businesses is the WOTC. The WOTC (Work Opportunity Tax Credit) can help you make the most of your finances easily and effectively. […]
“My business philosophy is don’t wait for things to go bad before you make them better. You have to stay ahead of the curve, which plays into the idea of controlled risk. Always look for ways to improve. I like environments that are constantly changing because it keeps you sharp. It’s the same thing with skiing or biking. The environment is always changing and you have to be constantly vigilant and make adjustments to compensate for those changes.” This quote by Todd Shapiro, Illinois CPA Society president, does a great job of summing up the philosophy with which Evolve Financial Services approaches our clients and their businesses. […]
Investing money into a retirement account is not only a great way to save for retirement, but some qualified retirement plans also allow you to deduct your contributions from your taxes in the year you made the contributions. The April 15th tax filing deadline is right around the corner. While time is already out to contribute to your employer-sponsored 401(k), there is still time to minimize your tax bill by contributing to other retirement accounts. […]
If you’re a small, growing business or not-for profit organization in Illinois, you could be benefitting from the Illinois Small Business Job Creation Tax Credit, which gives job tax credits to small businesses and not-for-profits that create new jobs in Illinois. The program, which began July 1, 2012, was created to help combat high rates of unemployment in Illinois by giving an incentive to fill new positions now rather than later. […]
Business events and parties are a great way to celebrate and have fun, but they’re also great opportunities to market and promote your company or products, as well as build relationships and network with clients and associates to build your business. But business parties are not your ordinary business expense where the IRS is concerned. Uncle Sam is very strict with tax write-offs and has special rules when it comes to writing off entertainment expenses. Reporting them incorrectly can get your company into trouble with the IRS. […]
