Tax-exempt organizations are required to file annual reports with the IRS. Those with gross receipts of $50,000 or less can file an E-postcard rather than a longer version of Form 990. The deadline for nonprofit filings is the 15th day of the fifth month after their year-end. For calendar-year organizations, the filing deadline for 2014 reports is May 15, 2015. Contact us if you need details or filing assistance.
If you got a big tax refund or owed the IRS a lot of money when you filed your 2014 tax return, it may be time to adjust your income tax withholding. Many people like to receive a refund from the IRS, thinking of it as a form of forced saving. If you’re of this opinion, that’s fine. But too big a refund means you’re wasting your money, giving an interest-free loan to the government. On
The IRS has published depreciation limits for business vehicles first placed in service this year. The limits for passenger autos remain the same as the 2014 limits, but the second year limit for light trucks and vans is $100 higher. 50% bonus depreciation is no longer allowed for most business equipment purchases, including vehicles. Here’s a quick review of the limits for 2015. For business cars first placed in service this year, the first-year depreciation limit
The “tax extenders” legislation that became law in December 2014 included the “Achieving a Better Life Experience Act” (also called the ABLE Act). This law provides for tax-exempt accounts that can help you or a family member with disabilities pay for qualified expenses related to the disability. These “ABLE accounts” are exempt from income tax although contributions to an account are not deductible on your federal income tax return. ABLE accounts are generally not means tested
Federal regulators recently announced a number of initiatives to loosen mortgage lending. Their view is that the current standards, adopted years ago in response to the financial crisis, were an overreaction, and the current tighter rules are choking off a housing recovery. Here’s the background: After the housing bust six years ago, the government wanted to prevent another round of risky loans that led to foreclosures. So it required that lenders insist on higher down payments
What can you do if you live in a condo, townhouse or multifamily home, and you need more space but don’t want to move? For a growing number of people, the solution is to buy the unit next door, tear down a wall, and create a single, larger unit. Recently there’s been an uptick in the number of people combining two small condos into one larger one, or converting a two- or three-family home into a
Most stores that lease space in a mall or other commercial area would like a guarantee of “exclusive use,” meaning that the landlord won’t also rent space to a competing business. Here are some things to consider if you’re negotiating over such a right in a lease: What’s the use? The “use” you have in mind should be described in detail, to avoid problems later. For instance, if an ice-cream-cone shop also sells some ice-cream cakes,
Some homeowners are running into a big problem when the take out a mortgage (or refinance a mortgage) to pay for a remodeling project. The problem occurs if the remodeling is so extensive that the owners temporarily move out while the work is being done. Generally, lenders give better terms and rates to homebuyers who plan to stay in a home as their primary residence, as opposed to investors who plan to quickly remodel a home
The company behind the most widely-used credit score in America has announced three major changes to how it calculates consumers’ scores – and they could potentially help millions of people to get a better rate on a mortgage. The so-called FICO score is used throughout the lending industry. A new version – called FICO 9 – has now been introduced, and it includes these changes: (1) A limited credit history is less of a problem. Currently,
To grow or not to grow is a decision most successful small businesses face at some point. There can be opportunity and profit in growth, but there can be perils and risks as well. What should you as a business owner consider when you are faced with this important decision? ► BENEFITS. First, analyze the potential benefits of expanding your business. The business can often achieve attractive economies of scale from increased buying power and operational
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