June 30, 2016, is the deadline for filing the 2015 Form 114, Report of Foreign Bank and Financial Accounts, known as the FBAR. Not sure if you need to file? The general rule is that a return is due when you have a financial interest in, or signature authority over, foreign financial accounts if the aggregate value of those accounts exceeds $10,000 at any time during the calendar year. The requirement applies to both individuals and

The latest credit cards have a new feature: a half-inch square on the card’s face that looks like a mini circuit board. The square is a small computer chip called an EMV. The acronym stands for Europay, MasterCard, and VISA, the developers of the technology. Over the next several years, these chip-embedded cards are expected to replace the familiar magnetic strip technology on cards that you now swipe at point-of-sale devices. When you use your EMV

Looking for suggestions to reduce your 2016 business tax liability? Here are three tips to consider as summer gets underway. Business trips. When you travel on business this summer, you can write off your expenses – including airfare, lodging, and 50% of the cost of meals – if the primary motive of the trip is business-related. Costs attributable to personal side trips are nondeductible. If you travel by car, deduct actual business-related auto costs or a

June 15, 2016, is the due date for making your second installment of 2016 individual estimated tax. You can pay online, by phone, with a credit or debit card, or by check. June 15 is also the due date for calendar-year corporations to make second quarter 2016 estimated tax payments.

If you’re in business long enough, you’ll run into a customer who doesn’t pay you. Despite your best efforts, you may conclude that you’ll never receive the money. Do you have a tax-deductible bad debt? The answer depends in part on whether you operate your business using the cash or accrual method of accounting. Cash. When you use the cash method, you report taxable income when you receive it and deduct expenses when they are actually

Did you know that a recent law made changes to the section 179 expensing election for 2016? These modifications took effect as of January 1. Here’s what to consider as you make asset purchasing decisions this year.

Investor Warren Buffet once said, “It takes 20 years to build a reputation and five minutes to ruin it.” The same maxim applies to good credit. Stellar credit scores don’t happen overnight or by accident. Instead, you have to exercise financial discipline, sometimes for years. The reward: lenders who are willing to offer mortgages and car loans at favorable interest rates. Unfortunately, like a good reputation, a strong credit score can easily be ruined. Here are

According to a recent survey by a technology company, email, websites, and social media are the top three digital marketing tools used by businesses. Lack of an online presence means your company may be missing opportunities to connect with customers. If you’re neglecting your internet marketing, consider outsourcing the task to a virtual assistant, or assigning an employee to handle website maintenance and social media accounts. Still feeling overwhelmed by the idea? Remember that online marketing

As you get ready for midyear tax planning, keep these lesser-known tax breaks in mind. Residential energy credit. You can claim a 10% energy credit for qualified improvements (up to a lifetime maximum of $500) when you improve your home with insulation, windows, and certain types of roofing. This credit is presently set to expire after 2016. Commercial building energy deduction. The above-the-line deduction for energy efficiency improvements to lighting, heating, cooling, ventilation, and hot water

Did you forget to file your 2012 federal income tax return? You’re not alone. The IRS says an estimated one million taxpayers did not file a return for that year, leaving refunds totaling $950 million unclaimed. If you’re one of those taxpayers, you must file a 2012 federal income tax return no later than this year’s April tax deadline. There is no penalty for failure to file if you are due a refund. Contact us for