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Tax Tips Small Business
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Employers of Tipped Employees Allowed a Tax Credit
Are you getting the credit you deserve?
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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:
Small Business Quick Tip
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Employer Provided Education
Employer-provided education assistance benefits of $5,250 provided under a written plan are excludable from wages. The education doesn't need to be job-related to qualify.
Saturday, 17th November 2018
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Tax Tips Personal
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IRA Contributions for Military Personnel
Nontaxable combat pay is considered compensation
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Members of the military serving in Iraq, Afghanistan, and other combat zone localities can now put money into an IRA, even if they received tax-free combat pay. Under the Heroes Earned Retirement Opportunities (HERO) Act,
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.