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Tax Accounting Resources

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Welcome, 2016!   As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2016 is no different. From health savings accounts to retirement contributions and standard deductions, here's a checklist of tax changes to help you plan the year ahead. Individuals For 2016, more than 50 tax provisions are affected by inflation adjustments,... read more

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The Patient Protection and Affordable Care Act of 2010, in concert with the enactment of the Health Care and Education Tax Credits Reconciliation Act of 2010, resulted in a number of changes to the US tax code. As such there are a number of tax implications for individuals and businesses. Individuals Healthcare Exchanges   Healthcare Exchanges, which are also referred... read more

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     The uniform CPA exam is regarded as one of the most difficult professional exams, with a passing rate around 50% for all of the sections. However, attaining a CPA license will give you many opportunities in your career. The requirements for the CPA license vary by state, but they all include education (150 credit hours with basically a major in accounting), examination (it... read more

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The American Recovery and Reinvestment Act (ARRA) of 2009 was signed into law by President Obama on February 17, 2009. The bill is intended to provide a stimulus to the U.S. economy in the wake of the economic downturn. The bill includes federal tax cuts, expansion of unemployment benefits and other social provisions such as domestic spending in education, health-care, and infrastructure-including... read more

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The IRS offers free tax help to members of the military and their families. The Volunteer Income Tax Assistance program has help sites both on and off base. This includes VITA sites to help our military overseas. Here are five tips to know about free tax help for the military: 1. Armed Forces Tax Council. The Armed Forces Tax Council oversees the military tax programs offered worldwide... read more

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The Internal Revenue Service today reminded taxpayers who are unable to complete their tax returns on time that it’s easy to get more time to file their return. In fact, it can even be done online. For taxpayers who haven’t yet filed their taxes, the IRS has this advice: don’t panic. Taxpayers who need more time to complete their tax return can request an automatic six-month extension.    The... read more

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The Internal Revenue Service today reminded taxpayers who are unable to complete their tax returns on time that it’s easy to get more time to file their return. In fact, it can even be done online. For taxpayers who haven’t yet filed their taxes, the IRS has this advice: don’t panic. Taxpayers who need more time to complete their tax return can request an automatic six-month extension.    The... read more

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If you adopted or tried to adopt a child in 2014, you may qualify for a tax credit. If your employer helped pay for the costs of an adoption, you may be able to exclude some of your income from tax. Here are some things you should know about adoption tax benefits. Credit or Exclusion. The credit is nonrefundable. This means that the credit may reduce your tax to zero. If the credit is... read more

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Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips about income from self-employment: SE Income. Self-employment can include income you received... read more

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The Internal Revenue Service is reminding individuals with home-based businesses filling out their 2014 federal income tax returns that they can choose a simplified method for claiming the deduction for business use of a home. In tax year 2012, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions of more than $10 billion for business use... read more

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The Internal Revenue Service recently reminded taxpayers planning to claim charitable donations to make sure they have the records they need before filing their 2014 tax returns. For any taxpayer, keeping good records is key to qualifying for the full charitable contribution deduction allowed by law. In particular, this includes insuring that they have received required statements for two contribution... read more

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You can reduce your taxes and save on your energy bills with certain home improvements. Here are some key facts that you should know about home energy tax credits: Non-Business Energy Property Credit Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items you added to your main home last year. This may include items such as insulation,... read more

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Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck are: 57.5 cents per mile for business miles driven, up from 56 cents in 2014 23 cents per mile driven for medical or moving purposes, down half a cent from 2014 14 cents per mile driven in service of charitable organizations These optional standard mileage rates are... read more

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