Category «Uncategorized»

Get Prior Year Tax Information from the IRS

Issue Number: IRS Tax Tip 2017-22 There are many reasons to keep a copy of a tax return from a prior year. The IRS urges all taxpayers to keep copies of their tax returns for at least three years. Taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software …

Business Use of Vehicle

Topic 510 – Business Use of Car If you use your car in your job or business and you use it only for that purpose, you may deduct its entire cost of operation (subject to limits discussed later). However, if you use the car for both business and personal purposes, you may deduct only the …

Home Business Use of Your Home

IRS Tax Tip 2015-42, March 19, 2015 If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim the deduction whether you rent or own your home. If you qualify for the deduction you may use either the simplified …

Social Security Updates 2017

The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2017 will increase to $127,200. The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2017 will increase to $127,200. The Federal Insurance Contributions Act (FICA) imposes two taxes …