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Spousal IRAs

Aug 2, 2018, 8:45 PM

Increased tax benefits may be available to you under the rules for "spousal" individual retirement accounts (IRAs). Under these rules, the amount a married couple can contribute to an IRA for a nonworking spouse in 2018 is $5,500. The same limit applies for the working spouse.
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Taxation of Social Security Benefits

Jun 29, 2018, 10:45 AM

Social Security benefits are taxed depending on your other income. In the worst-case scenario, 85% of your benefits would be taxed. This does not mean you pay 85% of your benefits back to the government in taxes, but you would include 85% of them in your income subject to your regular tax rates.
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Deducting the Costs of a Spouse on a Business Trip

Jun 18, 2018, 7:45 AM

If you've ever considered deducting your spouse's travel costs during a business trip, be careful. The rules for deducting those costs are pretty restrictive.
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Renting a Home to a Relative

Jun 15, 2018, 10:00 AM

If you rent a home to a relative who (1) uses it as his or her principal residence (that is, not just as a second or vacation home) for the year, and (2) it is rented at fair rental rate (not at a discount), then no limitations apply. You can deduct all the normal rental expenses, even if they result in a rental loss for the year. If you have a loss, however, it is a "passive" loss, which may be subject to a different set of limitations.
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Casey Peterson, Ltd. wins Top Wealth Advisory Firm award.

Jun 5, 2018, 4:00 PM

Rapid City, SD, May 23, 2018 – Local CPA firm, Casey Peterson, Ltd. has been awarded the 2017 Top Wealth Advisory Firm from HK Financial Services (HKFS). Casey Peterson, Ltd. earned this award by helping clients with wealth management planning. Casey Peterson, Ltd. works closely with HKFS to provide independent and objective financial services to their clients. Congratulations, Casey Peterson, Ltd.
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Is your worker an independent contractor or employee?

May 29, 2018, 2:45 PM

The question of whether a worker is an independent contractor or employee for federal income and employment tax purposes is a complex one. It is intensely factual, and the stakes can be very high. If a worker is an employee, the company must withhold federal income and payroll taxes, pay the employer's share of FICA taxes on the wages plus FUTA tax, and often provide the worker with fringe benefits it makes available to other employees. There may be state tax obligations as well. These obligations do not apply for a worker who is an independent contractor. The business sends the independent contractor a Form 1099-MISC for the year showing the amount paid to the contractor (if the amount is $600 or more), and that is it. Who is an “employee?” There is no uniform definition of the term.
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Work Opportunity Credit

May 14, 2018, 12:45 PM

Employers can qualify for a tax credit known as the work opportunity tax credit that is worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for "long-term family assistance recipients"). The credit is generally limited to eligible employees who began work for the employer before Jan. 1, 2020. The credit, calculated as described below, is available on an elective basis for employers hiring individuals from one or more of nine targeted groups.
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Commuting Expenses to Temporary Job Locations.

May 9, 2018, 7:45 AM

Did you know that you can deduct "commuting" expenses between your home and temporary job locations? Daily transportation costs between your home and a regular work location are nondeductible commuting expenses. However, you may be able to deduct costs of going to and from your home and a temporary (not regular) job location.
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Tax Cuts and Jobs Act Puts $10,000 Aggregate Limit on State and Local Tax Deduction

Feb 21, 2018, 12:45 PM

The Tax Cuts and Jobs Act (TCJA) places new limits on individuals’ itemized deductions of non-business taxes. For tax years 2018 through 2025, the TCJA limits the aggregate deduction for state and local real property taxes; state and local personal property taxes, state and local, and foreign income, war profits, and excess profits taxes; and general sales taxes (if elected) for any tax year to $10,000 ($5,000 for married filing separately).
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DON'T LIKE NUMBERS? WE DO.

At Casey Peterson, LTD, we understand not everyone loves the complexities of accounting like we do. That's what sets us apart from the rest. Our CPAs, accountants, and financial advisors truly love numbers, solving problems, and creating business and financial strategies for our clients.

We’re looking for clients who believe in good customer service — clients who want CPAs, accountants, and financial advisors who are big-picture thinkers and ethical problem solvers. We’re looking for relationships, not transactions.

If you want the same, we should talk.

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