By 2016, millions of employees around the country could become newly eligible for overtime pay due to a change in federal rules.

Tax season is behind me...what do I do to prepare better for next year? Managing tax liabilities starts with the understanding that taxes are inevitable and must be paid. With the understanding of three key concepts, avoiding, deferring and conversion, one can greatly reduce future liability.

The Treasury, in the administration’s 2016 budget, has proposed that income from a professional service business be subject to self-employment tax in the same manner, regardless of the form of the business. 

The alternative minimum tax (AMT) – sometimes referred to, not whimsically, as the “added misery tax” – is a highly complex levy originally structured to ensure the payment of at least something by even the wealthiest individuals able to avail themselves of the most sophisticated tax breaks.

With tax season officially underway, many corporate tax and accounting departments are busily preparing for the looming March deadline. Each year, however, tax and accounting mistakes end up costing U.S. businesses billions. In 2013 alone, U.S. businesses accumulated nearly $7 billion in IRS civil penalties stemming incorrectly reporting business income and employment values.

There are a variety of ways to access your retirement savings before age 59½.  For example, sometimes an emergency expense comes up and you need access to your IRA account before retirement.  

In order to better protect Ohio taxpayers and prevent tax fraud, the Ohio Department of Taxation (ODT) is implementing additional safeguards that will inevitably cause some refunds to be delayed this upcoming income tax filing season.

Form 5498’s title is IRA Contribution Information, and it’s usually sent by your IRA trustee to report your IRA activity to the IRS. You get a copy of this form too.