PWCPA Blog
Energy Efficient Improvements
If you haven’t already taken advantage of the tax incentive for energy-efficient improvements to your home, 2013 may be the year to install furnaces, windows, doors or skylights. Qualifying purchases are eligible for a federal credit which can reduce your tax...
What Is My Filing Status?
The filing status you choose when you file your 2012 tax return will affect the tax breaks you’ll qualify for, your standard deduction amount, and ultimately the amount of tax you’ll pay. Are you single, head of household, married filing jointly, or married filing...
Where Is My Refund?
The IRS has recently released a video that helps walk taxpayers through the Where’s My Refund? section of their website. It is a very detailed step-by-step tutorial guiding taxpayers through the different areas of the online tool. You can click the previous link or go...
Dependent Tax Rules
Most taxpayers believe that a “Dependent” is a minor child that lives with them. While that is essentially correct, dependents can include parents, other relatives and nonrelatives, and even children who don’t live with you. There is really much more to the dependent...
New Medicare Tax
The 2010 health care reform legislation included several provisions that go into effect this year. Among them is the increase in Medicare Tax for taxpayers with incomes above certain levels. Here is an overview of these two new taxes. FIRST, the Payroll Medicare...
FAR 31.205: Improving Employee Moral, Health, and Welfare
FAR 31.205 discusses Unallowable Cost rules and regulations for government contractors but FAR 31.205-13 in particular discusses what costs are unallowable/allowable to improve employee moral, health, and welfare. To find out more read our article Loyalty, Fitness,...
Business Bad Debt Deduction
It happens to butchers, bakers, and candlestick makers. It probably happens in your business, too: A customer doesn’t pay what they owe and you end up with a bad debt. Can you take a tax deduction? The answer depends on how you account for income on your tax return....
Business Partnerships
It is interesting to note how many Business Partnerships were formed over a weekend. You meet someone at a party on Friday and by Monday you are in business together. No courtship, no honeymoon, just off you go into business. Well, let me suggest that such partners...
Fraud in Small Business
Fraud in Small Business can take many forms, but one of the most damaging is payroll fraud. Unless the owner handles all aspects of computing and paying payroll, there is room for fraud in every small business. The fact that your company has only a few employees does...