Fiducial Blog – Page 43

What Are My Chances of Being Audited and How Can I Reduce Them?

What Are My Chances of Being Audited and How Can I Reduce Them?

March 2, 2020

Your chances of being audited are pretty rare. Fewer than 1% of taxpayers will get that notice on IRS letterhead. Here are some tips to lower your chances.

Eldercare can be a Medical Tax Deduction

Eldercare can be a Medical Tax Deduction

February 28, 2020

Many individuals are serving as care providers for loved ones, the cost of caring for them may be deductible as a medical expense.

Unexpected Tax Bill? Fiducial Budget Tips Can Help You Cover It

Unexpected Tax Bill? Fiducial Budget Tips Can Help You Cover It

February 26, 2020

When you’re hit with a large, unexpected tax bill, it can be shattering. People who owe significant amounts of money have several options available to them.

Setting up a Health Savings Account (HSA) for Your Small Business

Setting up a Health Savings Account (HSA) for Your Small Business

February 24, 2020

Healthcare benefits are a powerful perk when you’re looking for new hires, and an important incentive to stay put for existing employees.

Practice "Situational Awareness" When it Comes to Employees' Wages

Practice "Situational Awareness" When it Comes to Employees' Wages

February 21, 2020

The term “wages” includes more than just an employee’s allotted cash pay for work, what factors do you need to consider when formulating a wage?

Deducting the Costs of Modifications for Senior-Proofing a Home

Deducting the Costs of Modifications for Senior-Proofing a Home

February 19, 2020

If you are planning to make such home improvements, you may be wondering whether any of the costs will be tax-deductible.

Wayfair Revisited — It’s Time to Review Your Sales Tax Obligations

Wayfair Revisited — It’s Time to Review Your Sales Tax Obligations

February 17, 2020

A state is constitutionally prohibited from taxing business activities unless those activities have a substantial “nexus,” or connection, with the state.

Pension Startup Credit for Employers Substantially Increased

Pension Startup Credit for Employers Substantially Increased

February 14, 2020

Are you considering establishing a qualified pension plan for your business? You may be entitled to a pension startup credit for employers.

Filing Status Changes May Bring Unwelcome Surprises

Filing Status Changes May Bring Unwelcome Surprises

February 12, 2020

Filing status changes because of a life event can have major ramifications. Marriage, divorce, separation or death of a spouse can change your tax status.

Higher Medical Deductions Allowed by Congress for 2019 and 2020

Higher Medical Deductions Allowed by Congress for 2019 and 2020

February 10, 2020

Medical deductions are an itemized deduction. However, they must exceed a percentage of a taxpayer’s adjusted gross income (AGI), which can change.

Small Business Owners May Qualify for a Home-Office Deduction

February 10, 2020

If you run your business from your home, you may qualify for a home-office deduction. This blog will show you your options.

How Can I Prove Financial Hardship to the IRS If I Can't Pay My Taxes?

How Can I Prove Financial Hardship to the IRS If I Can't Pay My Taxes?

February 7, 2020

It’s that time of year again, and you may sincerely wonder how you will pay your tax bill, explore payment or alternative plans with the IRS.

Tax Return Question: Are You Required to File a Tax Return?

Tax Return Question: Are You Required to File a Tax Return?

February 5, 2020

There are times when individuals are REQUIRED to file a tax return. There are also times when it is to the individuals’ BENEFIT to file a return.

Understanding Tax Lingo

February 3, 2020

Ever tried to read an article or blog about a tax issue only…

How Will Tax-limit Increases Affect You and Your Business in 2020?

How Will Tax-limit Increases Affect You and Your Business in 2020?

January 30, 2020

An array of tax-limit increases that affect businesses are annually indexed for inflation. Here are some of the tax-limit increases for 2020.

Cents-per-mile Rate for Business Miles Decreases Slightly for 2020

Cents-per-mile Rate for Business Miles Decreases Slightly for 2020

January 29, 2020

The cents-per-mile rate has decreased for 2020. How will this affect the way you calculate your vehicle-related deductions?