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Tax Tips Small Business
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Employee Meals: When Does the 50-Percent Limit Apply?
Don't reduce your deduction if you aren't required to
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In most cases, an employer is only allowed to deduct one-half of the expense that is paid to employees for meals. However, in some instances, the full amount is allowed.
Small Business Quick Tip
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Self Employed Health Insurance
If you are a self-employed taxpayer, you may deduct 100 percent of your health insurance premiums from your income. The deduction for health insurance premiums does not reduce your self-employment tax, however.
Wednesday, 26th September 2018
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Tax Tips Personal
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Is an Inheritance Taxable?
In most cases, an inheritance is not taxable to you, but there are exceptions
At some point, you may inherit money or property that, in most cases, is not taxable to you. Life insurance proceeds are included in the deceased person's estate, but are not taxable to the beneficiaries. Bank accounts and other income-producing assets such as stocks are not taxable to you when received, but the income these assets generate is taxable to you.
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Personal Quick Tip
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IRA Contribution Deadline
If by year-end you haven't contributed funds to your 2016 IRA, or if you've put in less than the maximum allowed, don't worry. You can contribute to either a traditional or Roth IRA until the April due date for filing your tax return for 2016 not including extensions. You can contribute up to $5,500 to your IRA each year. If you are age 50 or older, you are allowed to contribute an additional $1,000.