Don’t Overlook Miscellaneous Itemized Deductions
Many people itemize deductions on Schedule A of their tax returns, rather than taking the standard deduction. Your tax preparer will generally advise you to do so if your allowable [...]
2017 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be [...]
Sharing Tax Issues in the Sharing Ecomony
Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may [...]
Pay attention to the details when Selling Investments
The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as [...]
Donating a vehicle might not provide the tax deduction you expect
All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity [...]
Did you know Medical and Dental Expense May Impact your Taxes?
Information from IRS.gov Medical expenses can lower taxes. It is important to keep good records and know what to deduct. Here are some tips to know what qualifies as medical and [...]
Business owners: When It Comes to IRS Audits Be Prepared
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by [...]
Real estate investor vs. professional: Why it matters
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject [...]
Do you know the tax implications of your C corp.’s buy-sell agreement?
Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C [...]
Operating across state lines presents tax risks — or possibly rewards
It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding [...]
Turning next year’s tax refund into cash in your pocket now
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of [...]
Home Office Deductions
Information IRS.gov If you use your home for business you may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or [...]
Tips for Collecting from Bankrupt Customers
Whether the economy is cold or hot, some individuals and organizations wind up filing for Chapter 11 bankruptcy. If you stay in business long enough, some of their names will [...]
Filing a Tax Return Late and Paying Penalties
Information from IRS.gov The deadline for filing your Form 1040 personal income tax return and paying any tax owed was April 18. If you file late and have tax due, you will have penalty. [...]
Letters from the IRS
Info from IRS.gov First of all, don't panic! The IRS offers the following information. __________________________________________________________________________________________________________________________________ The IRS mails millions of pieces of correspondence every year to taxpayers for a variety [...]