Personal exemptions are limited again

A previous tax rule has been reinstated, and higher-income taxpayers will notice its effect on their tax bill. The personal exemption deduction for yourself, your spouse, and your dependents will start being reduced if you are married, filing a joint return and your...

Nonprofits have filing obligations

If you are an officer or on the board of a community organization, you may have tax filing responsibilities for your group. Organizations with gross receipts below $50,000 can file an e-postcard rather than a longer version of Form 990. The deadline for filing is the...

Avoid steep fines for not filing 1099s

Most businesses have to file some 1099 forms, and failing to do so leaves you open to steep penalties. The most common form 1099 for businesses is the 1099-MISC which is used to report payments of $600 or more to vendors who provide services to your business....