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2018 - 07/27


Truckers, don’t miss this deadline! The IRS reminds owners of most heavy highway vehicles that the window of time to file Form 2290 (“Heavy Highway Vehicle Use Tax Return”) and pay related taxes began on 7/1/18, and ends 8/31/18. The highway use tax applies to highway motor vehicles with taxable gross weight of at least 55,000 pounds. This usually includes large trucks, truck tractors and buses. The IRS encourages owners to take advantage of the speed and convenience of using e-filing to file and pay taxes due. Here are more details: https://bit.ly/2mJ926a



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Is now the time to start offering paid parental leave?

Paid parental leave isn’t required under federal law. This means the United States is among only a few developed nations without a mandate for employers to offer compensated time off to mothers and fathers following the birth or adoption of a child. (Some states do have laws on the books.) Prevailing public opinion and the recent moves of some large employers, however, indicate a rising interest in this benefit.

For example, 82% of respondents to a 2017 Pew Research Center poll said mothers should receive paid leave following the birth or adoption of a child. (Sixty-nine percent said the same of fathers.) Meanwhile, mega-employer Walmart just launched an expanded parental leave policy this year. It features 10 paid weeks off for birth mothers and six weeks for other new parents, applicable to both hourly and salaried workers.

Potential advantages for employers

Is now the time for your organization to offer paid parental leave? Although it helps employees, of course, parental leave can al…

Haven’t filed your 2017 income tax return yet? Beware of these pitfalls

The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about an extension. Or you may just be concerned about meeting the deadline in the eyes of the IRS. Whatever you do, don’t get tripped up by one of these potential pitfalls.

Filing for an extension

Filing for an extension allows you to delay filing your return until the applicable extension deadline, which for 2017 individual tax returns is October 15, 2018.

While filing for an extension can provide relief from April 17 deadline stress and avoid failure-to-file penalties, there are some possible pitfalls:


If you expect to owe tax, to avoid potential interest and penalties you still must (with a few exceptions) pay any tax due by April 17.


If you expect a refund, remember that you’re simply extending the amount of time your money is in the government’s pockets rather than your own. (If you’re owed a …

Putting your child on your business’s payroll for the summer may make more tax sense than ever

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA).

How it works

By shifting some of your business earnings to a child as wages for services performed, you can turn some of your high-taxed income into tax-free or low-taxed income. For your business to deduct the wages as a business expense, the work done must be legitimate and the child’s wages must be reasonable.

Here’s an example: A sole proprietor is in the 37% tax bracket. He hires his 20-year-old daughter, who’s majoring in marketing, to work as a marketing coordinator full-time during the summer. She earns $12,000 and doesn’t have any other earnings.

The father saves $4,440 (37% of $12,000) in income taxes at no tax cost to his daughter, who can use her $12,000 standard deduction (for 2018) to completely shelter her earnings. This …