Seasonal Employees and Taxes

Tax Planning

Seasonal Employees and Taxes

Many businesses hire part-time or full-time workers, especially in the summer. These types of employees are referred to as seasonal workers, which the IRS defines as an employee who performs labor or services on a seasonal basis (i.e. six months or less). Examples of this kind of work include retail work exclusively during holiday seasons,…

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Saving for Education: 529 Plans

Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child’s K-12 education as well as…

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Using a Car for Business: New Rules under TCJA

Many of the tax provisions under tax reform were favorable to small business owners including those relating to using a car for business. Here’s what you need to know. Section 179 Expense Deduction If you buy a new car in 2018, and use it more 50 percent for business use, you can take advantage of…

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Self-Employed? Five Easy Ways to Lower Your Tax Bill

If you’re like most small-business owners, you’re always looking for ways to lower your taxable income. Here are five ways to do just that. Deducting the Cost of a Home Computer If you purchased a computer and use it for work-related purposes, you can take advantage of the Section 179 expense election, which allows you…

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What to Do When Your Tax Return is Late

Tuesday, April 17, 2018, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2017 tax return yet, the sooner you do something about it the better, and it may be easier than you think. First, gather any information related to income and deductions for the tax years…

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Don’t Let IRA Assets Go Astray

By Peter Desmond Hopkins, CPA, MS ‒ Manager As published in Delaware Banker Spring 2018 Vol. 14 No. 2 It is no secret that Delaware’s many advantages entice clients to establish relationships with Diamond State bankers and other advisers. Often, new clients are so impressed with the professionalism they observe in Delaware that they move…

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A Comprehensive Look at the New QBI Deduction

by Peter Desmond Hopkins, CPA, MS Perhaps the most significant change enacted last December as part of what is commonly called the Tax Cuts and Jobs Act (TCJA) is the preferential treatment now afforded business income. Corporations saw their graduated rate structure that topped out at 35% replaced with a flat rate of 21%. While…

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Owing Back Taxes Could Affect Passport Renewal

Last month, individuals with “seriously delinquent tax debts” became subject to a new set of provisions courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. The FAST Act requires the IRS to notify the State Department of taxpayers the IRS has certified as owing a seriously delinquent tax debt…

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Donating a Car to Charity

If you donated a car to a qualified charitable organization in 2017, and intend to claim a deduction, you should be aware of the special rules that apply to vehicle donations. Note: You can deduct contributions to a charity only if you itemize deductions using Schedule A of Form 1040. Charities typically sell donated vehicles.…

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Tips for a Stress-Free Tax Season

Earlier is better when it comes to working on your taxes, but many people find preparing their tax return to be stressful and frustrating. Fortunately, it doesn’t have to be. Here are six tips for a stress-free tax season. Don’t Procrastinate. Resist the temptation to put off your taxes until the very last minute. Your…

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