Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind:
The Internal Revenue Service introduced a new, shorter application form to help small charities apply for 501(c)(3) tax-exempt status more easily.
You may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill.
Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines. Here are ten of those benefits:
If you start a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also about payroll taxes. Here are five basic tax tips that can help get your business off to a good start.
The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged because…
If you are an employer, the number of employees in your business will affect what you need to know about the Affordable Care Act (ACA).
Many people change their job in the summer. If you look for a new job in the same line of work, you may be able to deduct some of your job hunting costs.
The IRS is again warning the public about phone scams that continue to claim victims all across the country. In these scams, thieves make unsolicited phone calls to their intended victims. Callers fraudulently claim to be from the IRS and demand immediate payment of taxes by a prepaid debit card or wire transfer. The callers…
The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2014. The rates will be:
At Peter Shannon & Co., we use a team approach to ensure our clients receive personal attention. Our passion for personal service and our knowledge of professional expertise distinguishes us among other service providers. We believe we can help our clients run their firms in the most efficient, cost-effective manner.
Our goal is to offer a comprehensive range of services carried out by a team of committed professionals with years of experience.
We will email the latest tax news, updates, and guidance.
Peter Shannon & Co.
Certified Public Accountants