Blog
The Cheerful One
Employee Staff Spotlight on Karin Burgess By: Jennifer Deroin We have two offices at Nichols Accounting. The quiet office, Nampa, and the not-so-quiet office, Ontario. That description however can be measured in time as "BK" and "AK", "before Karin" and "after...
Before donating a vehicle, find out the charity’s intent
If you're considering donating your vehicle, the value of your deduction can vary greatly depending on what the charity does with it. You can deduct the vehicle’s fair market value (FMV) if the charity: • Uses the vehicle for a significant charitable purpose (such...
Has Your Nonprofit’s Exempt Status Been Revoked?
By: Jennifer Schmerer, Staff Accountant, The Nichols Accounting Group Within the last few years, the IRS has cracked down on exempt organizations that failed to file information returns. For nonprofits that fail to file for three consecutive years, the IRS can,...
Have You Had Your Annual Estate Plan Check-up?
An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan: Lifetime gift and estate tax exemption •...
Now’s the Time to Begin Your 2015 Tax Planning
Whether you filed your 2014 income tax return by the April 15 deadline or filed for an extension, you may think that it’s a good time to take a break from thinking about taxes. But doing so could be costly. Now is actually the time you should begin your 2015 tax...
Got ISOs? You Need to Understand Their Tax Treatment
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. ISOs must...
100% Deduction for Certain M&E Expenses
Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses: • For food and beverages furnished at the workplace primarily for employees, • Treated as...
You’re a Real Estate Investor, But Are You a “Professional”?
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why is this important? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses are...
Facing an Unexpected Bill for the Additional 0.9% Medicare Tax?
The additional 0.9% Medicare tax applies to FICA wages and self-employment income exceeding $200,000 per year ($250,000 for married filing jointly and $125,000 for married filing separately). Unfortunately, the withholding rules have been tripping up some...