The DOL Final Ruling regarding Overtime Pay for Salaried Employees is lengthy, the change is over 500 pages, so here are two links, one from the MRA/NRA and the other from Department of Labor.  These should help to gain a better understanding of what starts on December 1, 2016

“Rob Jones is an irreplaceable asset to my business and family’s tax process, not just because of the expert knowledge that rolls off his tongue with ease but also for his unique character and friendly demeanor EVERY time we have talked in the past ten years. I recommend Rob to everyone I know and each person has come back with the same opinion. Rob as a person and his services are a rare and very valuable commodity and I am grateful to have him as my accountant!!!”  Jamison G.

Treat your customers like you want to be treated!  Thanks for the kind words Jami!

“Thank you Rob for your time, wisdom, advice, encouraging words…!” Carla C.

It’s always great when you receive this kind of feedback; how do you feel about YOUR tax and accounting professional?

Effective on Jan. 1, 2017, the hourly minimum wage for MO is expected to increase to $7.70, and for tipped workers the hourly rate will increase to $3.8403.

Scam, Scam, Scam, Scam…

With apologies to Monty Python (and because MP is MUCH funnier than scam after scam after scam). IRS has announced a few new scams recently:

• Summer surge in automated phone scam calls/requests for payments using iTunes cards here.
• Phishing scheme mimics software providers.
• Back-to-school scams (because nothing is sacred).

Self-employed?  You’re subject to much more scrutiny than W-2 employees by the IRS; we can help you plan year-round for your taxes.  Contact us to help manage your tax bill now.

The Earned Income Tax Credit has helped workers with low and moderate incomes get a tax break for 40 years. Yet, one out of every five eligible workers fails to claim it. Here are some things you should know about this valuable credit: Continue reading “Earned Income Credit” →

Following a review of the tax extenders legislation signed into law last week, the Internal Revenue Service announced on Monday that the nation’s tax season will begin as scheduled on Tuesday, Jan. 19, 2016. Continue reading “Tax Season opens January 19th” →

The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.  Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 54 cents per mile for business miles driven, down from 57.5 cents for 2015
• 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015
• 14 cents per mile driven in service of charitable organizations

Continue reading “2016 Standard Mileage Rates for Business, Medical and Moving Announced” →

When you enroll in coverage through the Marketplace during Open Season, which runs through Jan. 31, 2016, you can choose to have monthly advance credit payments sent directly to your insurer. If you get the benefit of advance credit payments in any amount, or if you plan to claim the premium tax credit, you must file a federal income tax return and use a Form 8962, Premium Tax Credit (PTC) to reconcile the amount of advance credit payments made on your behalf with the amount of your actual premium tax credit.  You must file an income tax return for this purpose even if you are otherwise not required to file a return.

Read on for the four things to know about advance payments of the premium tax credit: Continue reading “Four Things to know about Advance Payments of the Premium Tax Credit” →