So you’ve filed your taxes, but there are still a couple of steps to complete before you are officially finished with tax season. Both of which have to do with record retention. First, sort your documents into four categories. Keep less than one year –This file should consist of credit-card,
The Work Opportunity Credit (WOTC) equals 40 percent of the qualified first-year wages to individuals who are members of a targeted group, not exceed $6,000 per year ($12,000, $14,000 or $24,000 per year for certain qualified veterans. The WOTC reduces the employer’s wage deduction dollar for dollar. The PATH Act
The IRS and Treasury proposed new DPAD regulations on August 27, 2015 and discussed the following topics at the public hearing on December 16, 2015. The proposed amendments are intended to clarify how taxpayers should calculate the deduction, and provide guidance and examples to assist taxpayers in interpreting the rules.
In 2015, the IRS added new series of compliance questions to the Form 5500/5500-SF annual retirement plan returns, however they are now recommending that plan sponsors skip these questions due to not being approved by the Office of Management and Budget. Specifically, the following questions are recommended to be skipped
As the April 18th tax filing deadline quickly approaches, there are a several important factors to consider while filing your individual income tax return. Get organized. The biggest hassle for many taxpayers is gathering the appropriate documentation from the year. Collect any tax-related documents received at the beginning of
To encourage innovation, the state of Indiana created the Patent Income Tax Exemption. This exemption offers Indiana entrepreneurs and small businesses a break on their Indiana state income taxes paid from using, licensing, or selling patented products and ideas. Indiana individuals, small businesses with less than 500 employees –