Giving to charity can provide you with a warm feeling as well as a nice tax break. But you’ve got to itemize deductions on your tax return. And, like most tax breaks, charitable deductions come with a number of rules you must follow to actually claim the write-off. Here are the details. Read more
You can have a good time and still deduct part of the cost when you entertain business clients or customers.
The tax law generally permits you to deduct 50 percent of the cost of meals and entertainment that are either “directly related to” your business or “associated with” your business. For example, if you conduct business in your conference room while you serve lunch, the meal qualifies as entertainment that is directly related to your business. A more common situation is deducting entertainment that is associated with your business. To meet this tax test, you must hold a substantial and bona fide business discussion preceding or following the entertainment.
So, if you wrap up a business deal at 5 p.m. and then take the clients out to dinner, the cost is deductible within the allowable limits.
Keep in mind that you do not have to show that income or other business benefits actually resulted from an entertainment expense.
Here are few other guidelines:
For years, people have questioned the viability of the Social Security system going forward. In July, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds.
The report projects that the combined asset reserves of the Old-Age, Survivors and Disability Insurance (OASDI) Trust Funds will become depleted in 2034, unless Congress takes action to reverse the situation.
In general, people approaching retirement age often have other questions about benefits they may be eligible to receive from the Social Security Administration (SSA). Here are common concerns regarding the Social Security system.
By Ian Shapiro
Technology has been a disruptive force in most industries and sectors over recent years. But in the real estate and construction (REC) sector, widespread adoption of new technologies has lagged somewhat. Indeed, the adoption of technology in property – or ‘PropTech’ – has fallen a little short of its anticipated take-up. For example, in the U.S., the construction industry is several years behind many other industries with regards to technology with many companies still using manual systems for project planning and management. That’s why construction remains far behind in reaping the benefits of advanced data and analytics, drones, automation and robotics.
However, 2017 is set to be the year the floodgates open for PropTech in the global REC sector, and we’ve looked at some key technologies you should be keeping an eye on in the industry this year.
This Trust Fund Recovery Penalty got its informal “100% penalty” moniker from the fact that the entire unpaid amount can be assessed against a responsible person (or several responsible persons). The purpose of the penalty is to collect withheld but unpaid federal taxes from individuals who had control over an employer’s finances.
Often, operating a business as a corporation protects the individual owner from personal liability for some corporate debts. In cases of unpaid payroll taxes, however, the corporate shield or corporate veil is “pierced” and the IRS looks past the corporation to the responsible person to pay the debt.
Today’s college students often leave school with an overwhelming amount of debt. In some cases, student loans are discharged (also known as being cancelled or forgiven). In other cases, these loans are paid off by an employer. Both actions have tax consequences for the student loan borrowers. We’ll explain the tax implications, but first, let’s cover some necessary background information.
Few things in life are certain, but when disaster strikes, the number of fraud incidents will probably skyrocket. In the wake of a hurricane, tornado, flood, fire, earthquake or other unexpected catastrophe, fraudulent operators are always quick to surface. Often, however, they carry warning signs to alert savvy business owners.
What should you do if you discover an error on a previously filed individual tax return? For example, you might have missed some tax-saving deductions and credits on your 2016 personal federal income tax return that you filed in February. Or you might have recently discovered that you failed to claim some legitimate tax breaks on your 2015 return that you filed last year. Here are the rules for filing an amended return.
Every construction company, regardless of whether they are a general contractor, subcontractor, or something in between, must be able to win and complete jobs efficiently. Business owners and project managers need information to accurately bid and estimate projects. It is imperative that the company generates accurate and timely reports. While some project managers rely solely on experience, the most successful project managers know how to best utilize the job schedule. The job schedule tells the story of construction projects at a point in time by providing a summary of all contracts the company has in process or has completed on a contract by contract basis. The job schedule relies on several factors, however, the most important is proper job costing. Proper project costing leads to better profitability, project estimating, management decisions, and timely financial reporting.