Entries by Sean Dever

2018 Tax Reform Changes: At a Glance

Some of the most significant tax changes since the 1980s took effect in 2018. Congress passed a new tax bill in late December 2017. Here is a brief recap: Reduces income tax brackets. The bill retains seven brackets, but at reduced rates, with the highest tax bracket dropping to 37 percent from 39.6 percent. Doubles […]

Tax Breaks for Hiring New Employees

If you’re thinking about hiring new employees this year, you won’t want to miss out on these tax breaks. Work Opportunity Credit The Work Opportunity Tax Credit (WOTC) is a federal tax credit for employers that hire employees from the following targeted groups of individuals: A member of a family that is a Qualified Food […]

Tax Changes for 2016: A Checklist

Welcome, 2016! As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2016 is no different. From health savings accounts to retirement contributions and standard deductions, here’s a checklist of tax changes to help you plan the year ahead. Individuals For 2016, more than […]

How Much Am I Worth? It Depends Who’s Asking…..

“What am I worth?” is an interesting question because it largely depends on who’s asking and why. An insurance advisor is considering your future. A headhunter is examining your track record and potential. But if the IRS is asking, you may need some help with specific expertise determine this answer. Let me explain by taking […]

IRS to Step up Penalties for Delinquent Payroll Taxes

Employers owed the Internal Revenue Service approximately $14.1 billion in delinquent Social Security, Medicare and individual federal income taxes that they had withheld from employee paychecks as of June 30, 2012, and the Internal Revenue Service is being urged to do more to assess penalties against them. With no surprise, approximately $13.5 billion of the […]

2013 Tax Changes for Businesses

Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes in 2013. Standard Mileage Rates The standard mileage rate in 2013 is 56.5 cents per business mile driven, 24 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service […]

IRS Sends Notices About “Possible Income Underreporting”

Has everyone seen the new Tax Form 1099-K?  This form started making its way to small business owners two tax seasons ago and the form is sent to businesses by “payment settlement entities” reporting the amount of credit card and other electronic receipts that were processed by your business. The IRS also receives a copy […]

Manage Your Business with a Few Key Numbers

Regardless of the type of business you’re running – whether it’s selling electronics, teaching cartwheels or making furniture – monitoring a few key financial indicators is often all that’s needed to keep your company growing and prosperous. On the other hand, neglecting a firm’s vital signs can lead to management by crisis and corrective action […]