Cortes & Co., Inc

02/14/2018

You CAN claim your adult child as a dependent under a few circumstances:
- They are a full-time student under the age of 24
- Usually they must live with you more than half the year
- You provide more than half of their support
- At any age, if they are permanently disabled

02/13/2018

Successful work is NOT about how much "time" is put into executing a particular solution to a problem -- it's knowing when and how to do it.
In the realm of preparing your tax return for your business, we urge you ... do NOT fall prey to the thinking that a software program or forms downloaded from the internet can suffice to enable you to preserve your resources, or properly leverage the multiplicity of credits, loopholes and deductions available.
Give yourself and your business the gift of financial peace of mind during tax season, and do it with someone who knows how to do it right.

02/12/2018

Our office is knee-deep in tax season, with tax preparation for many of our clients already in full swing, or completed. We will work right up to the April deadline and beyond for you, but we always advise getting us your documents sooner rather than later. It puts you in a position to beat the scammers, and (an even better thought) you get your refund sooner, if you have one coming to you.

02/09/2018

Monday is the deadline for any workers who earn tips to report the tips they received in the past month to their employer. As long as you make over $20 in tips in a 30-day period, your employer needs to know about it on a month-by-month basis.

This isn't just for servers - if you receive ANY tips in your line of work - hairdresser, valet driver, airport worker, pizza delivery - 100% of what you receive must be reported on your taxes.

There's talk in Washington of mandating a switch back to a system of tip-sharing, where all the tips given in, say, a restaurant are evenly divided between all the staff of the establishment. Debate on both sides of the argument is impassioned, and the proposal hasn't landed yet. We'll keep an eye on what this could mean for our clients and keep you updated here.

02/08/2018

Business owners, we are just over a week into February, meaning all your 1099's and W-2's should have already been sent out to pertinent contractors and employees. If you had problems and you need help with this process, this is something we *routinely* do, even for previous or non-clients. Give us a call before this week is over.

02/07/2018

Are you still replaying moments from Sunday's Super Bowl in your mind? The players themselves may be replaying the numbers that will be crunched on their tax bill. You could say they're paying a hefty fee for the big game!

Federal taxes are just the beginning.

02/06/2018

Attention Grandparents: If you are working and raising your grandchild(ren), it's very possible that you qualify for the Earned Income Tax Credit. This credit is NOT limited to the young - if you meet the other requirements for claiming the EITC, you can qualify *even* if you are over 65. (And remember, a credit means you would get it refunded to you EVEN IF you didn't owe any taxes.)

There are details, of course, that decide whether or not your situation qualifies, and we're happy to talk those over with you. We have the utmost respect for those of you giving your lives to the younger generation; we're glad the IRS has made this benefit available to those folks who are giving so much.

02/05/2018

Whether or not you're a football fan, we hope yesterday gave you a chance to enjoy the perks that the Super Bowl offers: time with friends and family, delicious snacks, and some unique commercial entertainment. We're keeping one eye on the arguments over the best ads of the game while we jump back into tax business today. Congratulations to Eagles fans everywhere!

02/02/2018

Deducting mileage for business driving is a handy way to save money on your business tax filings, but sometime the definition of which drives are deductible can be confusing.

If you are at work (whether you work from a tax-deductible home office or at an outside location) and drive to another location for business, those miles are deductible. On the other hand, commuting from home to work is NOT deductible.

The great news about all that business driving is: mileage is not the only part of your drive that can be deducted. As long as they are legitimately business expenses, you may be able to deduct gas costs, parking expenses, tires, insurance, and more.

02/01/2018

With the big game coming up, our minds are on WINNING. In our world, that means saving money on taxes (to be more specific, saving YOU money on taxes). We've "watched the replays" of strategies that work and have taken the time to plan for the strategies that set our clients up to come out on top. Give us a call to let us play the tax game on your behalf; we're all set up to make that winning play.

01/31/2018

Childcare: employees need to find it, and employers want their employees to be able to get reliable providers. If your business pays childcare costs for your employees, you very well may be eligible to receive a valuable tax credit on your business taxes (up to 25% of what you pay). This one truly can be a win-win for everyone involved.

01/30/2018

Many people have a "side hustle" these days. Have you ever thought about expanding that hobby into your main job? Here are some tips on how to make that happen. (And whether you do make it your main income or keep it a side gig, we're here to help you know how to work the taxes!)

If you're making a couple of bucks on the side you are much closer to a real business than you might realize.