So you won an employment lawsuit. What does that mean for your tax return come April? How do the tax laws relate to the tax on money settlements and damage awards? Employment legal actions are complex and can sometimes seem unfair. The following factors help to determine the actual taxation of the award:
Earn Cash Tips? IRS is Watching!
Anyone who collects cash tips must include them in their taxable income. This requirement is not limited to waiters and waitresses. It applies to anyone who collects tips period. This includes taxicab drivers, beauticians, porters, concierges, etc.
2015 Tax Organizer: Find Missing Deductions
Our 2015 Tax Organizer is planning tool to help you find missing tax deductions. It is designed to help you to be more organized before your tax appointment. The tax organizer is updated yearly to make sure you comply with … Read More
Does Uncle Sam Have a Birthday Gift for You This Year? Ages 0-49
For your birthday this year, you may have received a special gift from a loved one or favorite friend. Depending on the number of candles on this year’s birthday cake, you may also get a gift … Read More
Itemized Deductions, Should I Itemize My Tax Deductions?
Itemized deductions, what are the income limitations? Who qualifies for the standard deduction? Who is not allowed to use the standard deduction? How do I phase-out itemized deductions? All these questions may be running through your … Read More
Tax Filing: Jointly or Separately?
By: Alex Franch, BS EA Most married taxpayers know that they have the option to file jointly or separately for tax filing. The Federal income tax system prods taxpayers toward joint filing. This results in the … Read More
Hiring Your Spouse and Providing Health Benefits
By: Cindy Toran, MBA, BA Have you ever thought of hiring your spouse? If you did, should you provide them with health insurance? There are potential advantages and disadvantages to formally hiring your spouse if you own a … Read More
Tax season’s over and done for another year – right?
Tax season’s over? Wrong. Choices we make during the year can impact our taxes. Making investments, paying for college education, planning for retirement, and a myriad of other financially-based decisions can help or hurt us when … Read More
Tax planning is a year-round event
January is when most people start thinking about taxes. And, for a great deal of them, April 15th is when they stop. But tax minimization is just the beginning of a holistic approach to financial long … Read More