Categories for Expenses


10 Tax Season Tips and Tidbits

Now that the 2015 tax season is in full swing, we thought you might enjoy the following tax tidbits:

1. On August 5, 1861 the U.S. government levied the first income tax to help fund the Civil War. Income over $800 was taxed at a 3% rate.  In 1895, the Supreme Court declared income tax unconstitutional.  Sorry . . . don’t get your hopes up.  In 1913, the 16th amendment was ratified and permanently established income taxation.


Employers: Tips On Preparing for Year-End Reporting

It’s the time of year when we are all so busy with holidays and family, yet we must continue to run our businesses and have everything done by the end of the year. Here are some tips to help you make it through this stressful time.

Year-End W-2 Addbacks:

  • Check with your third-party payroll provider to find out what the deadline is for supplying them with the information for your W-2 addbacks.


Unreimbursed Employee Expenses

Do you have out of pocket expenses for work? If your employer does not reimburse you for those expenses, there is a possible tax benefit from paying them out of your pocket. You may be able to deduct some of those expenses on Schedule A of your 1040. Some common examples of expenses you can deduct are dues to professional societies, uniforms, and travel expenses. Before you can deduct any of those expenses, you need to answer “yes” to these 4 questions:

  1.     1.


Back-to-School Tips for Students and Parents Paying College Expenses

Whether you’re a recent graduate going to college for the first time or a returning student, it will soon be time to get to campus – and payment deadlines for tuition and other fees are not far behind. The Internal Revenue Service reminds students or parents paying such expenses to keep receipts and to be aware of some tax benefits that can help offset college costs.

Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return.