The straight line

E-filing is on the upswing. According to the Data Book released by the IRS on March 24, the agency collected almost $3.1 trillion in federal revenue and processed almost 240 million returns during fiscal year 2014. About 65 percent of all returns were filed electronically. Of the 147 million individual income tax returns filed, 84 percent were e-filed....

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 taxpayers, causing them to face an unexpected tax bill — plus interest and penalties — when they file their...

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs (though of course the specific rules are more complex). If when filing your 2014 income tax return you’ve found that your business had an NOL, there is an upside: tax benefits. When a business incurs a qualifying NOL, the loss...

The Internet has revolutionized our lives. It facilitates financial transactions and the transmission of information. But with opportunities come risks. If you feel like you’ve lost control of your “digital dossier,” you’re not alone. There are weekly news stories about sensitive personal data being hacked online and sold on the black market. Risks Abound Online surveillance...

As the weather and economy continue to warm up, employers around the country may be looking to hire more workers, including some already employed at high-paying jobs. If you go to work for a new firm — or your current employer transfers you to a different branch — you may be able to deduct certain moving...

When unused flexible spending account (FSA) balances are forfeited back to employers under the “use-it-or-lose-it” rule, employers have several options for what they can do with the money. Here is what employers need to know after first covering some necessary background information. Flexible Spending Account Basics Under an employer-sponsored flexible spending account (FSA) plan, employees can...