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READ ACCOUNTING UPDATES AND TAX NEWS FROM MPS

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NEWSLETTERS

Should You Pay Summer Interns? – June 2016

Each year, many companies–large and small–offer summer internships. The interns are frequently college students between academic years, and they usually are unpaid. Recently, such arrangements have come under fire from those contending interns should be put on the payroll.

June 2016|Categories: Newsletters

Health Insurance and Divorce – May 2016

Going through a divorce can be a stressful experience, and some items may be overlooked. Nevertheless, if you are in this situation, you should be sure to pay some attention to future health insurance. Medical bills and health insurance premiums can be extremely expensive; any lapse in coverage might lead to a financial crisis.

May 2016|Categories: Newsletters

Special Report on the Protecting Americans from Tax Hikes Act of 2015 – April 2016

Last December, President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015 into law. The new law contains several tax benefits for individuals and companies.

April 2016|Categories: Newsletters

Deducting Charitable Gifts – March 2016

Charitable donations usually can be deducted on Schedule A of Form 1040, along with other itemized deductions. You should have the required support materials, in case your charitable deduction is questioned.

March 2016|Categories: Newsletters

Deducting Interest Paid – February 2016

Among the itemized deductions on Schedule A of Form 1040, you’ll find “Interest You Paid.” As you get your records together for tax preparation, you should realize that not all interest can be deducted on your return. Interest you paid last year on credit card debt generally isn’t deductible, for example.

February 2016|Categories: Newsletters

Deducting Taxes Paid – January 2016

When you file your 2015 federal income tax this year, you can take a standard deduction. For 2015, that’s $6,300 for single taxpayers and for married individuals filing separately; $12,600 for couples filing jointly and for certain widow(er)s; and $9,250 for those filing as heads of household. The beauty of taking the standard deduction is that it’s simple: There’s no need to gather information and scant risk of triggering an audit.

January 2016|Categories: Newsletters