Hiring The Right Employee Can Get You A Big Tax Credit

Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues If you are an employer who is willing to help disadvantaged individuals, you could benefit from a substantial federal tax credit. Hiring certain new employees can qualify you for the work opportunity tax credit (WOTC). The WOTC is typically worth up to $2,400 for each eligible employee, but it can be worth up to $9,600 for certain veterans and up to $9,000 for “long-term family assistance recipients.” The credit is available for eligible employees who begin working for you before January 1, 2020. Generally, an employer is eligible for the WOTC only when paying qualified wages

Are Your Important Tax Documents Safe in Case of a Disaster?

Article Highlights: Potential Damage to Key Records Duplicating and Storing Remotely Digitizing Records and Storing Them on a Remote Server Protecting Key Photographs You may think a natural or man-made disaster will never happen to you, but it can be a nightmare when it does. The 2017 hurricane season is a good example, not to mention the wildfires in the West, the tornados in the Midwest, plus the potential for inevitable earthquakes. You could lose all of your tax records, business records, insurance policies, birth certificates, and other key documents. You can help yourself by storing duplicates of important or irreplaceable documents in a waterproof container away from the origin

The Equifax Data Breach, IRS and Your Identity Security

In the tax industry, we have been working to combat the threat of hackers for many years. When a security breach of the scope of the recent Equifax cyber security incident takes place, many clients are affected and concerned about how this may affect their financial lives. What you need to know. From May through July of 2017, Equifax reported unauthorized access to approximately 143 million American’s personal data, including names, social security numbers, birth dates, and in some instances driver's licenses. In addition, some 209,000 credit card numbers were accessed. Steps to protect your identity. Equifax has set up a special website dedicated to the breach event to help cons

Hurricane Harvey Tax Ramifications and Casualty Loss

Article Highlights: Disaster Losses Elections Net Operating Loss AGI Limitations Possible Gain Filing Extensions With the historic flooding and damage caused by Hurricane Harvey, President Trump has declared the affected area a disaster area. If you were an unlucky victim and suffered a loss as a result of this disaster, you may be able to recoup a portion of that loss through a tax deduction. When you suffer a casualty loss within a federally declared disaster, you can elect to claim the loss in one of two years: the tax year in which the loss occurred or the immediately preceding year. Income Tax Casualty Loss - By taking the deduction for a 2017 disaster area loss on the prior year (201

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