Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, if you meet the tax law qualifications. Under the Tax Cuts and Jobs Act, employees can no longer…

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just announced that it is targeting virtual currency users in a new “educational letter” campaign. The nuts and…

As in the for-profit world, sometimes not-for-profits need to spend money to make money. This is particularly true when it comes to fundraisers. At the same time, you need to resist the temptation to overspend or your special event may not raise the amount you were hoping for. Here’s how to stay on budget. Focus…

Is your not-for-profit making the most of its email list? If you send every item to individual donors, corporate supporters, volunteers and the media — regardless of their interests or investment in your organization — you probably aren’t. Email segmentation can help you communicate with everyone more efficiently and effectively. Keep them tuned in There…

Have staffers complained because their expense reimbursements are taxed? An accountable plan can address the issue. Here’s how accountable plans work and how they benefit employers and employees. Be reasonable Under an accountable plan, reimbursement payments to employees will be free from federal income and employment taxes and aren’t subject to withholding from workers’ paychecks.…

You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a…

Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because the Tax Cuts and Jobs Act (TCJA) made…

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported…

Can a taxpayer be subject to a two-year ban on claiming the earned income credit (EIC), even though she was entitled to it for two of her three children? In Chief Counsel Advice, the IRS details that the taxpayer claimed three children for the EIC, but it disallowed the credit for one child because of…

More disaster victims in Missouri qualify for tax relief. On its website, the IRS announced that victims of severe storms, tornadoes and flooding in additional Missouri counties qualify for assistance. Residents of these counties, which have been designated as federal disaster areas, have more time to make tax payments and file returns. Certain other time-sensitive…

A Treasury Inspector General for Tax Administration (TIGTA) audit criticizes the IRS for failing to improve amended tax return review procedures to reduce erroneous and fraudulent refunds. The audit was initiated to evaluate the IRS’s efforts to detect and prevent erroneous and fraudulent claims on amended tax returns, which are filed by taxpayers when they…

Can your business become more profitable without venturing out of its comfort zone? Of course! However, adding new products or services may not be the best way for your business — or any company — to boost profits. Bottom-line potential may lie undiscovered in your existing operations. How can you find these “hidden” profits? Dig…