Posts Tagged "tax code"

Summer’s a time for vacations and tax planning

Posted on Jul 2, 2018

It’s tempting to take a break from everything this summer, but you may regret it come tax season if you push off tax planning. Here are some tips to help you keep your head in the game even when your feet are in the pool: If you are a sole proprietor with children, consider putting them on the payroll during the summer months. Wages paid to your children under age 18 are not subject to Social Security and Medicare taxes. What’s more, their earnings are not subject to federal unemployment tax until they turn 21. If employing your children is not an option, you might still be able to score a deduction by sending them to summer camp. Day camp expenses for kids under 13 can provide a tax credit of up to 35 percent. Just remember, overnight camps do not qualify, and usually both parents must work to claim this credit. Keep in mind that tax deductions for moving have been limited. The recent tax code changes have eliminated the moving expense deduction. That means most taxpayers will no longer be able to deduct moving expenses. There are exceptions to the new rule, so give us a call if you have questions. Business and pleasure can mix – if you follow the rules. Perhaps your sights are set on some leisure travel. Tacking on a few fun days before or after a business trip might be a tax- and cost-efficient way to pay for a vacation. But you have to follow all the rules if you want your business travel to remain tax-deductible. Travel that is primarily for charitable work might also qualify you for a tax deduction. No matter what your summer plans are, this is always a good time for a general tax checkup to ensure your withholdings and estimated tax payments are on target. For help with any of these issues, contact our office. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

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File for earlier disaster relief

Posted on Dec 25, 2012

If you were a victim of Hurricane Sandy this year or some other natural disaster severe enough to be classified as a “presidentially declared disaster,” you have a special option in the tax code that may help in your recovery. You can claim your loss on your 2012 tax return, or you can amend your 2011 tax return and claim your loss against that year’s taxes. Filing an amended return for 2011 could give you an earlier refund to help pay for the losses resulting from the...

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Some tax facts

Posted on Nov 29, 2011

Some tax facts from National Taxpayer Advocate Nina Olson’s annual report to Congress:  * Americans spend 6.1 billion hours preparing their taxes every year.  * There have been 4,428 changes to the tax code over the past ten years.  * Nine out of ten Americans have someone prepare their tax return or use tax software.  * The tax code is so long that no one is certain exactly how long it...

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