While the new federal overtime rules that were scheduled to take effect in 2016 have been put on hold, perhaps permanently, other wage laws are still around, including those that establish minimum pay levels.
This year, it's going to be different. At the end of 2017, you really will have some money stashed away for your emergency fund, your retirement, your kid's college education and that elusive worldwide vacation.
But to do that, you're going to need to be an extreme saver. And if you're really going to pull it off this time, you need to act fast and start some new habits. Because as January continues to unfold, you risk forgetting about your vow to save money. You'll be too distracted by the car tire that went flat. You'll be thinking about your kid's D in math. You'll be consumed by what's on the news or whatever those Real Housewives are doing on TV.
Seriously, if you're going to really do this, here's what everyone in the know says you need to do. Now.
Describe your role at Weber O’Brien:
My current role at Weber O’Brien is a Staff Tax Accountant in the BCG department. I prepare corporate and any accompanying state and local tax returns, prepare year-end trial balances, and assist in the year-end tax planning process.
If you intend to use your vehicle for business, charitable activities, medical appointments, or moving during 2017, be aware that the optional standard mileage rates for computing the deductible costs have changed.
The last installment of your 2016 estimated federal income tax is due January 17, 2017.
Consider these planning ideas:
Sell stocks currently held at a loss. You can write off the first $3,000 of those losses as an ordinary loss and the excess capital loss can be used to offset capital gain.
Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. So, just as you would shop around for the best price for food, clothing, or merchandise, you want to consider opportunities to reduce or defer your annual tax obligation. This Tax Letter is intended to assist you in that effort.
The time to consider tax-saving opportunities for your business is before its tax year-end. Some of these opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or regular corporation. Other opportunities may apply only to a particular type of business organization. This Tax Letter is organized into sections discussing year-end, and year-round, tax-saving opportunities for:
With year-end fundraising well underway, the nonprofit sector has turned its attention to the challenges and opportunities that lie ahead in 2017. On the brink of the new year, the latest edition of the Nonprofit Standard discusses how potential tax reforms could impact nonprofit's day-to-day operations and highlights the IRS' Fiscal Year 2017 priorities for tax-exempt organizations. Dive into the full issue for further guidance on the nonprofit financial reporting ASU and a comprehensive examination of foreign income tax considerations for nonprofit employees.