All fringe benefits aren’t created equal for tax purposes

All fringe benefits aren’t created equal for tax purposesAccording to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services.” But the tax treatment of a fringe benefit can vary dramatically based on the type of benefit.

Summer is a good time to start your 2017 tax planning and organize your tax records

Summer is a good time to start your 2017 tax planning and organize your tax recordsYou may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next year. Summer is also a good time to set up a storage system for your tax records. Here are some tips: