2016 Tax Law Changes

Every year, tax laws change and 2016 will be no exception! We’ll be rounding up the most significant changes that you should be aware of for the next tax year, but first let’s start with what is not changing. Tax brackets will stay the same for 2016 income with just a slight change in the taxable income levels due to adjustment for inflation. The 7 brackets are at the following percentages: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% and the following charts show what tax is due at each … [Read more...]

End of Year 2012 Tax Checklist

As you know, 2012 is rapidly coming to an end!  You should start thinking now about how best to prepare yourself for tax season, which is only a few short months away.  We have some great information to get you started. The first thing you should do is take a look at your income-tax return from last year (Form 1040).  Make note of anything that is different since that time (e.g., marriage, house purchase, having a child)—your tax liability will probably be different if anything has changed.  … [Read more...]

How Can I Deduct Costs Related to My Home for Business?

With the rising price of transportation costs, more and more people are choosing to work from home and many others are starting their own home-based businesses.  Often, these at-home workers have a dedicated office space in their homes and are eligible to take the Home Office Deduction on their taxes.  This deduction, however, can be a bit tricky so you’ll want to make sure you qualify if you want to claim it! The absolute most important aspect of your home office is that it must be used solely … [Read more...]