Reduce Certain Summertime Costs with the Child and Dependent Care Tax Credit
From the IRS | IRS Summer Tax Tip 2017-05 | July 12, 2017
Many parents send their children to summer day camps while they work or look for work. The IRS urges those who do to save their paperwork for the Child and Dependent Care Tax Credit. Eligible taxpayers may be able to claim it on their taxes in 2018 if they paid for day camp or for someone to care for a child, dependent or spouse during 2017.
IRS Cautions Taxpayers to Watch for Summertime Scams
From the IRS | IR-2017-112 | June 26, 2017
The Internal Revenue Service issued a warning that tax-related scams continue across the nation even though the tax filing season has ended fo rmost taxpayers. People should remain on alert to new and emerging schemes involving the tax system that continue to claim victims.
City of Philadelphia Department of Revenue Announces Wage Tax Reduction for July 1, 2017
The City of Philadelphia has reduced the City Wage Tax rate effective July 1, 2017. The new Wage Tax rate for residents of Philadelphia is 3.8907% (previously 3.9004%). The new Wage Tax rate for non-residents of Philadelphia who are subject to the Philadelphia City Wage Tax is 3.4654% (previously 3.4741%).
Employee or Independent Contractor? Know the Rules
From the IRS | Tax Tip 2017-02 | May 1, 2017
The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor.
An employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Employers normally do not have to withhold or pay any taxes on payments to independent contractors.
Here are two key points for small business owners to keep in mind when it comes to classifying workers:
Tips to Know for Deducting Losses from a Disaster
From the IRS: Summertime Tax Tip 2017-01 | July 5, 2017
The IRS wants taxpayers to know it stands ready to help in the event of a disaster. If a taxpayer suffers damage to their home or personal property, they may be able to deduct the loss they incur on their federal income tax return. If their area receives a federal disaster designation, they may be able to claim the loss sooner.
Ordinarily, a deduction is available only if the loss is major and not covered by insurance or other reimbursement.
Here are 10 tips taxpayers should know about deducting casualty losses:
Work Opportunity Tax Credit Can Help Employers Hiring New Workers; Key Certification Requirement Applies
From the IRS | May 2, 2017
The Internal Revenue Service today reminded employers planning to hire new workers that there's a valuable tax credit available to those who hire long-term unemployment recipients and others certified by their state workforce agency.