This February activity that Google is reporting to me, represents new clients and new business. It is exciting for any business owner to know that their efforts are attracting new customers for their goods or service. With the aging “Baby Boomers”, businesses like mine lose a certain number of customers to death each year. It…

Some taxpayers may be required to pay an Additional Medicare Tax if their income is over a certain limit. We would like people to know more 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 wages, self-employment income and railroad…

Daylight Saving Time begins Sunday, March 12, 2017 and will end Sunday, November 5, 2017. Run your clocks forward one hour.

The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning April 1, 2017. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; 1 and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000; four (4) percent…

The Affordable Care Act has become very time consuming for tax advisors. The Chairman of the Senate Finance Committee has now made it time consuming for the office of the Treasury Inspector General for Tax Administration. Not so time consuming however, that they took time to make any recommendations. But then, my guess is that…

If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. If the canceled debt was a loan on a taxpayer’s main home, they may be  able to exclude…

The Internal Revenue Service announced that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return. To collect the money, taxpayers must file a 2013 tax return with the IRS no later than this year’s tax…

Taxpayers who made certain energy efficient improvements to their home last year may qualify for a tax credit this year. Here are some key facts to know about home energy tax credits: Non-Business Energy Property Credit Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items added to a…

Notice 2017-20 extends the period for an employer that provides a qualified small employer health reimbursement arrangement (QSEHRA), which was added to the Internal Revenue Code by the 21st Century Cures Act (Cures Act), to furnish an initial written notice to its eligible employees regarding the QESHRA. The period is extended from March 13, 2017…