Planning on Donating this Year? Consider this
Charitable giving is a whole new ballgame for taxpayers now that most itemized deductions have been reduced or eliminated and the standard deduction has nearly doubled. This will likely prompt a lot of taxpayers to adjust their charitable giving tax plan this year.
Luckily, with a little extra planning you may still get beneficial tax treatment when you donate. Here are some helpful tips:
Self-Audit in Response to DOL PAID Pilot Program
Businesses should still take state laws into account
More employers are likely to self-audit their pay practices and correct errors as a result of the U.S. Department of Labor's (DOL's) new pilot program, the Payroll Audit Independent Determination (PAID) program, employment attorneys say.
Two Retirement Plans for Veterinary Hospitals
According to Gary I. Glassman, partner, Burzenski & Company, PC, "The choice of your practice's retirement plan is a big deal not only for the staff, but for the employer as well."
http://veterinarybusiness.dvm360.com/2-retirement-plans-veterinary-hospitals
Selling Your Practice: The Ins and Outs, Ups and Downs
Gary I.
Strong Passwords Help Keep Tax Data Safe
Maximize Tax Savings when Constructing a New Clinic
Get the Most out of your College Tax Benefits
The tuition and fees deduction expired last year. Fortunately, you may still be able to benefit from other education tax benefits, including the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit.
Take a look at the highlights below to better understand these benefits:
* The AOTC is per student, while the Lifetime Learning Credit is per tax return.
* Either the parents or their dependent child can claim the credit each year, but not both.
Your Receipts are Important: Save Them
When it comes to taking qualified deductions on your federal tax return, three things must happen:
Is your HSA a Retirement Tool? The good, the bad, and the ugly
Health Savings Accounts (HSAs) are a great way to pay for medical expenses, and since unused funds roll over from year to year, the account can also provide a source of retirement funds in addition to other plans like 401(k)s or IRAs.
But be aware HSAs can also come with significant disadvantages and less flexibility when compared to other retirement investment tools.
The Good
5 business tax breaks for summer
Now that summer has arrived, you may find opportunities to combine business activities with pleasure, which could result in tax breaks. Here are five of those potential breaks.
1. Organize a company outing. Normally, deductions for business entertainment and meals are limited to 50 percent of the expenses. However, you can write off 100 percent of the cost of a company picnic or other get-together. Note that you can't restrict the outing to only a select few employees.
