The IRS will start processing most returns on January 24, but will not start processing returns with the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until Feb. 15, 2017.The IRS will begin processing tax returns on January 24, 2017, for taxes paid/owed in 2016. In general, the IRS says that returns with refunds are processed and payments issued within 21 days.
December 5, 2016 12:00 amThe state minimum wage will increase by 5 cents next year to adjust for inflation.Officials say non-tipped workers must be paid an hourly wage of at least $8.15 beginning Jan. 1, 2017. Tipped workers are slated to receive a minimum of $4.08 an hour starting next year — a bump of 3 cents.The rising minimum wage reflects an increase in the Consumer Price Index, which rose 0.7 percent during the past year.
December 5, 2016 12:00 amThose middle and upper income taxpayers, who are betting President-elect can deliver on election promises, and put his tax reduction plan in place for 2017, should revisit their year-end tax moves to make the most of what might be windfall savings next year.Defer income to 2017. The Trump tax plan would feature three tax brackets instead of current law's seven, and a top tax rate of 33% instead of current law's 39.6%. The upshot of these and other tax-reduction changes, if retained in th...
December 5, 2016 12:00 amIt's not too late to take steps to significantly reduce your 2016 business income tax bill and lay the groundwork for tax savings in future years. Here's a summary of some of the most effective year-end tax-saving moves for small businesses under the existing Internal Revenue Code.Pass-Through Entity Income and ExpensesIf your business operates as a sole proprietorship, S corporation, limited liability company (LLC) or partnership, your share of the net income generated by the business w...
December 5, 2016 12:00 amIf your parents are separated or divorced, the custodial parent is responsible for filling out the Free Application for Federal Student Aid (FAFSA). The custodial parent for federal student aid purposes is the parent with whom you lived the most during the past 12 months. (The twelve month period is the twelve month period ending on the FAFSA application date, not the previous calendar year).
September 20, 2016 10:00 amUsually taxpayers can deduct fully contributions of money to religious, educational or other qualified charitable organizations. Your annual charitable donation deductions may be reduced if they exceed certain limits based on your AGI, the type of donation and the type of charity receiving the donation. If you receive some benefit from the charity in connection with your donation, such as services or products, your deduction must be reduced by the value of the benefit you receive.
September 20, 2016 10:00 amIf you’re heading to college, or have a child heading to college, chances are that you’ve been asked to fill out a Free Application for Federal Student Aid, or FAFSA. The filing season for the 2017-18 school year starts October 1, which is three months earlier than previously. The U.S.
September 20, 2016 10:00 amYou will not only be required to provide W-2 forms to your employees by January 31st, but you must also file W-2 forms and their W-3 transmittal with the Social Security Administration by January 31, 2017 deadline.You must issue and file 1099-Misc forms to your contractors and form 1096 transmittal to the IRS by January 31 as well. You no longer have the option to wait until February 28th to file the government copies of either form set.As a result of this shortened deadline period between year-...
September 20, 2016 10:00 amWith the switch to prospective billing, BWC will require payment before it provides coverage.For July 1, 2016, private employers will be given a bi-monthly (six installment) payment schedule, with the option to select a different plan by May 15. If you are a minimum premium payer ($120 plus assessments), you must pay in one installment.Employers will have the following options:Monthly (12 installments);Bi-monthly (six installments);Quarterly (four installments);Bi-annually (two installments);Ann...
September 20, 2016 10:00 amOn December 1, 2016, the minimum salary threshold for The Fair Labor Standards Act (FLSA) white-collar exemptions increases to an annual $47,476, which increases the number of employees to whom you must pay overtime if they work more than 40 hours in a week.In May 2016, the Department of Labor (DOL) published its Final Rule updating the overtime regulations. The Final Rule defines which white collar workers are protected by the minimum wage and overtime standards of the Fair Labor Standards Act....
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