2015 Tax Organizer

2015 Tax Organizer The 2015 Fox Peterson tax organizer is now available in two forms. You can A) go to our resources page and fill out the organizer(s) that apply to you and submit them directly to your tax preparer or B) click here to download and print the PDF version. A customized organizer is [...]

By |2016-12-21T12:04:21-07:00January 11, 2016|Tax Planning, Tax Tips, Tax Tips for Businesses|

Reasonable Compensation

What is Reasonable Compensation for a shareholder-employee of an S Corporation? The IRS requires that S corporations “pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before non-wage distributions may be made to the shareholder-employee.” Fox Peterson can help you determine what your compensation should be [...]

By |2016-12-21T12:05:28-07:00October 21, 2015|Tax Rules & Laws, Tax Tips for Businesses|

Additional Medicare Tax

Additional Medicare Tax Some taxpayers may be liable for an Additional Medicare Tax if your income exceeds certain limits. Here are six things that you should know about this tax: Tax Rate.  The Additional Medicare Tax rate is 0.9 percent. Income Subject to Tax.  The tax applies to the amount of certain income that [...]

Tips for Filing an Amended Return

Have you found that you made an error on your federal tax return? If so, you may need to file an amended return. Here are ten tips that can help you file. 1.    Tax form to amend your return.  Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct your tax return. You [...]

By |2016-12-21T12:08:07-07:00June 1, 2015|General Information, Tax Tips, Tax Tips for Businesses|

Employee Business Expenses Tips

Employee Business Expenses Tips If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you claim allowable employee business expenses on Schedule A, Itemized Deductions. Here are six tax tips that you should know about this deduction. Ordinary and Necessary. You can [...]

By |2016-12-21T12:08:27-07:00May 26, 2015|Tax Tips for Businesses|

Tax Deadline Tips

File on Time Even if You Can’t Pay Do you owe more tax than you can afford to pay when you file? If so, don’t fail to take action. Make sure to file on time. That way you won’t have a penalty for filing late. Here is what to do if you can’t pay [...]

By |2016-12-21T12:10:03-07:00April 13, 2015|Tax Tips, Tax Tips for Businesses|

2015 Standard Mileage Rates

The Internal Revenue Service issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 57.5 cents per [...]

Employer Responsibilities for the Affordable Care Act

If you are an employer, the number of employees in your business will affect what you need to know about the Affordable Care Act (ACA). Employers with 50 or more full-time and full-time-equivalent employees are generally considered to be “applicable large employers” (ALEs) under the employer shared responsibility provisions of the ACA.  Applicable large [...]

By |2016-12-21T12:12:31-07:00November 3, 2014|Tax Rules & Laws, Tax Tips for Businesses|

Affordable Care Act

New IRS Publication Helps You Find out if You Qualify for a Health Coverage Exemption Taxpayers who might qualify for an exemption from having qualifying health coverage and making a payment should review a new IRS publication for information about these exemptions. Publication 5172, Health Coverage Exemptions, which includes information about how you get [...]

By |2016-12-21T12:12:39-07:00October 20, 2014|Tax Rules & Laws, Tax Tips for Businesses|
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