Are you getting the credit you deserve?
If you are an employer in the food and beverage industry, you may be entitled to a tax credit for the social security and Medicare taxes you pay on your employees' tip income. You must meet both of the following requirements to qualify for the credit:
|The optional standard mileage rate for the business use of an automobile is 54 cents per mile in 2016.|
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At some point, taxpayers who have a traditional IRA may wish to convert it to a Roth. Roth IRAs are more flexible in that there are no required minimum distributions when the owner reaches age 70 1/2. In addition, qualified distributions from a Roth IRA are not taxable.Read more ...
|If you are a teacher who spent your own money for classroom supplies, you can take a deduction for up to $250 of those costs.|