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Tax Prep Software or a CPA?

2/14/2017

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As a small business owner, saving money by preparing your own taxes may seem like a good idea. Take a few minutes to consider the pros and cons of using software instead of a CPA. 

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Some Federal Income Tax Refunds May Be Temporarily Delayed

2/3/2017

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In general, you can expect your federal refund to be issued approximately 21 days after your electronically filed tax return has been accepted.

However, identity theft is still a major problem, and the IRS continues to implement new strategies to protect taxpayer data.

​For example, if you claim the Earned Income Tax Credit or Additional Child Tax Credit on your 2016 individual federal income tax return, your refund will be held until February 15.
This is general information and should not be acted upon without first determining its application to your specific situation.
​Please contact your CPA or tax advisor for additional details.
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Time to Plan for Inflation-Adjusted 2017 Tax Numbers

2/1/2017

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Each year, certain tax figures are adjusted for inflation. While most figures are unchanged versus 2016, there is more than a 7% increase to the maximum earnings subject to social security tax.

Take note of these numbers to use in your 2017 planning.

  • The maximum earnings subject to social security tax in 2017 is $127,200. The earnings limit for those under full retirement age increases to $16,920 for 2017.
  • The “nanny tax” threshold remains $2,000 in 2017. If you pay household employees $2,000 or more during the year, you’re generally responsible for payroll taxes.

  • The “kiddie tax” threshold remains $2,100 for 2017. If you have a child under the age of 19 (under age 24 for full-time students) who has more than $2,100 of unearned income, such as dividends and interest income, the excess could be taxed at your highest rate in 2017.

  • The maximum individual retirement account (IRA) contribution you can make in 2017 remains unchanged at $5,500 if you are under age 50 and $6,500 if you are 50 or older.

  • The maximum amount of wages employees can contribute to a 401(k) plan remains at $18,000, with an additional $6,000 if you are 50 or older. The 2017 maximum contribution for SIMPLE plans is $12,500 and and an additional $3,000 if you are 50 or older.

  • The maximum you can contribute to a health savings account in 2017 is $3,400 for individuals and $6,750 for families. The catch-up contribution if you’re age 55 or older is $1,000.
This is general information and should not be acted upon without first determining its application to your specific situation.
​Please contact your CPA or tax advisor for additional details.
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    Author

    Successfully meeting the challenges inherent to new and smaller businesses provides me with a special type of satisfaction. 

    Supporting businesses that have the potential to become amazing – from both the perspective of owners and team members as well as their clients – is what I enjoy. 

    I hope to use this blog to provide information specific to businesses that are growing from small beginnings into exceptional companies.

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