Category: Individual Tax Planning, Business Tax Planning
Posted: September 2018
The IRS will audit hundreds of thousands of individual tax returns this year. Although that represents a small percentage of all returns filed, this is little consolation if YOUR return is selected for audit. But, with proper planning and preparation, you should fare well.
The purpose of the audit is to verify items reported on a tax return. The easiest way to survive a tax audit is to prepare for one in advance. On an ongoing basis you should systematically...
A realtor may say location, location, location. But, a CPA will say document, document, document! If you want to deduct bad debts, you must have made real, serious attempts to collect the debt. A debt that cannot be repaid becomes "wholly or partially worthless." To claim a tax deduction for a worthless business debt, the taxpayer must show the existence of a valid debtor-creditor relationship, that the debt was created or acquired in connection with a trade...
The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Here's an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for the tax year beginning in 2018...
Category: Individual Tax Planning, Business Tax planning
Posted: September 2017
Uber, Lyft, Airbnb, Etsy, Rover, TaskRabbit. If you've taken advantage of these services�or provided them to others�you're a member of the sharing economy. If you've only used these services (and not provided them), there's no need to worry about the tax implications. But if you've rented out a spare room in your house through a company like Airbnb, you're probably collecting a fee. A portion of this goes to the company (in this example, Airbnb) while you keep a portion for providing the service. Whether this is your full-time job or a part-time gig to make some extra cash, you need to be aware of the tax consequences�
The Fair Labor Standards Act (FLSA) just finalized recent updates to their �white collar� overtime exemptions, and you might be surprised by the final touches. Below are a handful of the revisions that were made to the act.
There is much uncertainty for individual and business taxpayers, since popular tax credits and deductions for both groups have not been extended beyond their December 31, 2014 expiration dates. However, there are some strategies that can be used to reduce your tax burden for this year.
It�s a question that needs to be answered for a small business that�s not showing a profit. The IRS has compiled nine factors that can help you determine which of these two categories your business falls within.
If you use your car for business, or your business owns its own vehicle, you can deduct some of the costs of keeping it on the road. Mastering the rules of car expense deductions can be tricky, but well worth your while.