Should I Use Form 1040, Form 1040A, or Form 1040EZ?

When you file a personal income tax return with the IRS by April 15, you have a choice of 3 basic tax forms to select from that are essentially designed to report similar tax and financial information. These personal income tax returns include: Form 1040 Form 1040A Form 1040EZ While they have similar intentions, each of these IRS tax forms is a bit different, so it’s important to choose the correct form to file. Here is an overview of the most common federal income tax returns for individuals and married

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Now What? 5 Steps to Take Toward a Successful 2017

  After reading our last article on the topic – Pre-Game: 5 Things to Do Before Tackling Your New Year’s Resolutions – we’re sure you’re eager to tackle those goals and start setting the tone for 2017. They don’t call January “the Monday of months” for nothing. Consider penciling these tasks on your bursting “To Do” list. Evaluate your morning routine. One of the most generous gifts you can give to yourself is the gift of your time. What does your morning routine currently look like? It may not even be much of

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FYI: 2017 Tax Law Changes That Could Affect You

After “Auld Lang Syne” plays to usher in a new calendar year, you can always bet on the government and the Internal Revenue Service making changes and adjustments to tax laws from the previous year. Some years see lots of changes, while others only endure minor adjustments to the federal tax code. Below is an overview of the most important 2017 federal tax law changes that could impact your financial situation. Federal income tax brackets have changed slightly, as usual. For tax year 2017, the federal income tax bracket amounts

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Pre-Game: 5 Things to Do Before Tackling Your New Year’s Resolutions

  Despite people’s claims that New Year’s resolutions don’t work, we at 1-800Accountant are huge advocates of being goal-oriented and making lists. Hello, we’re accountants! Deadlines control our lives. Whether you had a good year or a bad year, we can all agree that 2016 was a wild ride that has left us all a little more motivated to have control over our lives. That includes the lives of our business ventures as well. So before you make those New Year’s resolutions, clear your mind and de-clutter your environment. You’ve

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Startup Story: Fire Pit Designers Help Customers Make Memories

Since high school, Keith D’Angelo has always enjoyed creating things through welding and sculpting. So, when he saw people having a good time around the fire pits in their backyards, he jumped on an opportunity to create a unique version of these neat devices. In November 2016, he and his father, Terry, formally launched Colorado Custom Fire Pits, LLC in Denver, Colorado. The two work out of a welding shop in the area and handle the business side of the venture right from home. “We sculpt custom fire pits that

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5 Savvy Things You Can Do with Unwanted Gifts

Did you open any gifts this holiday season that just don’t strike your fancy? And then did you pretend to like the items, even though you were wondering in your mind how you’d actually benefit from them? We’ve all received gifts with which we weren’t particularly thrilled. But if you get a little creative, you can find ways to get the gift out of your hair and put it to good use. Consider the following savvy strategies. 1. Return them to their original sellers. If you know where the gift

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How Much Paid Vacation Should I Offer In My Small Business?

Just like everyone should be exercising regularly and eating right, vacation time can be lumped right into these important activities. Employees must take off some time to recharge their bodies and minds throughout the year to stave off stress and be more productive individuals. Let’s examine some of the concepts to consider when deciding how much paid time off you should offer to those who work for you. Common Paid Vacation Time Benefits All small businesses and larger firms vary when it comes to how much paid vacation time they

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Standard Mileage Rate Falls Again for Tax Year 2017

Self-employed professionals who use a vehicle for business trips were likely not thrilled when the standard mileage rate on deducting business mileage plummeted from 57.5 cents per mile in 2015 to 54 cents per mile in 2016. While the rate for 2017 is not dropping as much, it is still lower than the 2016 rate and is the second consecutive year in which this figure is decreasing. The IRS recently announced that the standard mileage rate for tax year 2017 is 53.5 cents per mile. This rate applies to business

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A Lowdown on the 2017 Tax Season

The Internal Revenue Service has officially announced when the opening bell for the 2017 tax season will ring, signaling the start of when the federal tax collection agency will begin processing federal income tax returns. There are also some other important changes of note. So, here is our preview of the 2017 tax season with the important dates you should now start marking down on your calendar: Monday, January 23, 2017: Tax season officially opens at the IRS. This is when the agency will begin processing federal income tax returns.

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Should You Pay Employees Hourly or a Salary?

If you currently employ W-2 workers in your small business, or you are looking to hire top talent in the future, you’ll likely be faced with the decision on whether to pay employees an hourly wage or to provide them with a salary. Let’s explore what each compensation scenario actually means, along with the pros and cons involved. How are Employees on Salary Treated? An employee who earns a salary is paid based on an annual amount. So, if the employee earns $50,000 per year, he or she will be

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