Tax News You Can Use

Tax Breaks For the Self-Employed

February 17, 2016

There are a number of tax breaks that are often overlooked by entrepreneurs. Among the most common missed credits: Health Insurance Deduction: The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child who was under […]

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Non-Profits and Donor TINs

February 13, 2016

The IRS withdrew proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations. Charities that elected to use the new procedure would have been required to obtain donors’ Social Security or other tax identification numbers (TINs) to […]

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Five Things To Consider Before Filing Your Own Tax Return

February 11, 2016

Many individuals and small business owners will face the dilemma of choosing whether to file their own tax return or let a professional CPA (like Person Huff!) file for them. There are some good reasons you should consider allowing a professional to prepare your tax return: 1. Tax Law Is Confusing: Tax laws are constantly […]

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4 Things To Know About Filing Your Small Business Tax Return

January 18, 2016

About 85% of small business owners rely on a professional like Person Huff CPA Group to file their taxes. This is because according to a recent National Small Business Association survey, nearly 60% of business owners report that the administrative burdens were the biggest problems posed by federal taxes. There have been a lot of […]

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State Income Tax Returns Accepted Starting Jan. 19 With Enhanced Security Measures

January 14, 2016

The Louisiana Department of Revenue (LDR) will begin accepting and processing 2015 state individual income tax returns on Tues, January 19. That’s the same day that processing begins at the Internal Revenue Service (IRS). The Department also enters this tax season with a focus on safeguarding taxpayers against fraud. During the past two years, LDR […]

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Tax Planning Should Be Your Year-Round Priority

January 11, 2016

Year-round tax planning can save both time and money by helping you take advantage of opportunities throughout the year to position yourself and your business to pay the lowest possible tax. Before you can begin your tax planning though, you have to get organized. If you are not using QuickBooks or other accounting software, now […]

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The Protecting Americans from Tax Hikes Act of 2015

December 21, 2015

The omnibus spending bill, ‘The Protecting Americans from Tax Hikes Act of 2015’ was signed into law last Friday and extends a number of important tax breaks. It also makes a number of them permanent. Among the deductions, credits and tax provisions included in the bill: The Research & Development credit Increased expensing limitations and […]

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Bonus Depreciation and the Enhanced Section 179

December 16, 2015

In July 2015, the Senate Finance Committee voted to extend bonus depreciation and the enhanced section 179 deduction through 2016. Bonus depreciation may result in substantial tax savings for businesses that already had plans to purchase or construct qualified property. Unlike section 179 expensing, you do not need net income to take bonus depreciation deductions. […]

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Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31

December 11, 2015

If you were born before before July 1, 1945, you generally must receive payments from your individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. Known as required minimum distributions (RMDs), these payments normally must be made by the end of 2015. But a special rule allows first-year recipients of these payments, those […]

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