Key deadlines for the remainder of 2017

Individual tax calendar: Key deadlines for the remainder of 2017While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that are important to be aware of. To help you make sure you don’t miss any important 2017 deadlines, here’s a look at when some key tax-related forms, payments and other actions are due. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

Offer plan loans? Be sure to set a reasonable interest rate

Offer plan loans? Be sure to set a reasonable interest rateLike many businesses, yours may allow retirement plan participants to take out loans from their accounts. Such loans are governed by many IRS and Department of Labor (DOL) rules and regulations. So if your company offers plan loans, your plan document must comply with current laws — including setting a “reasonable” interest rate.

Make sure the IRS won’t consider your business to be a “hobby”

Make sure the IRS won’t consider your business to be a “hobby”If you run a business “on the side” and derive most of your income from another source (whether from another business you own, employment or investments), you may face a peculiar risk: Under certain circumstances, this on-the-side business might not be a business at all in the eyes of the IRS. It may be a hobby.

A timely postmark on your tax return may not be enough to avoid late-filing penalties

A timely postmark on your tax return may not be enough to avoid late-filing penaltiesBecause of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers was Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight. But dropping your return in a mailbox on the 18th may not be sufficient.

Who can — and who should — take the American Opportunity credit?

Who can — and who should — take the American Opportunity credit?If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your dependent child claims the credit, you must forgo your dependency exemption for him or her. And the child can’t take the exemption.

Listen and trust: The power of collaborative management

Listen and trust: The power of collaborative managementMany business owners are accustomed to running the whole show. But as your company grows, you’ll likely be better off sharing responsibility for major decisions. Whether you’ve recruited experienced managers or developed “home grown” talent, you can empower these employees by taking a more collaborative approach to management.

2017 Q2 tax calendar: Key deadlines for businesses and other employers

2017 Q2 tax calendar: Key deadlines for businesses and other employersHere are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Victims of a disaster, fire or theft may be able to claim a casualty loss deduction

Victims of a disaster, fire or theft may be able to claim a casualty loss deductionIf you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2016 federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include losses from normal wear and tear or progressive deterioration from age or termite damage.