Choosing Tax Software – Who’s Got the Best One?
There are a variety of tax preparation software programs available, both online and desktop products. Does it make a difference which one you use or are they all the same? There are several big names...
View ArticleIRS.gov: What Will You Find There?
One of the most confusing and ever changing topics is federal taxes. As a small business owner, it can be challenging to keep up on what deductions are available and what new tax laws are related to...
View ArticleCommon Missed Deductions For Small Businesses
For many small business owners, they are wearing many hats; owner, manager, bookkeeper, and many more. It is easy for small things to get missed, especially in the accounting and tax department. Not...
View ArticleOverseas Accounts: New Rules That Could Cost You
If you have foreign assets, the IRS rules that expand the reporting and tax requirements. In addition to the previous reporting required by filing a Report of Foreign Bank and Financial Accounts...
View ArticleBecoming a Registered Tax Return Preparer
In 2009, the IRS set forth new standards for all paid tax return preparers. The initiative includes a Preparer Tax Identification Number (PTIN), a testing process, continued education and compliance to...
View ArticleIRS Publications For Small Businesses
With all the different tax forms and issues revolving around small businesses, it can get confusing. The IRS has put together some great publications that explain the various forms and their uses. The...
View ArticleResolving IRS Issues Using The Taxpayer Advocate Service
For individuals and businesses that need help with tax issues and do not know where to turn have a voice within the IRS. The Taxpayer Advocate Service (TAS) is an independent organization within the...
View ArticleWhat Employers Need to Know About Claiming the Small Business Health Care Tax...
Starting in 2010, the IRS added the new small business health care credit. Unfortunately, many small businesses did not take advantage of the credit, either because they were unaware or found it too...
View ArticleUsing EFTPS To Make Your Tax Payments
Missing a tax payment can be costly. Penalties for late payments can rack up fast from the IRS and with so many different taxes that can be due; it can be easy to miss a deadline. A great way to keep...
View ArticleTop IRS Tax Scams For 2012
Every year the IRS releases their top tax scams, labeling them the “dirty dozen”. These scams are a combination of tax fraud schemes that are both used on innocent taxpayers and by taxpayers themselves...
View ArticleBenefits of Family Limited Partnerships for Gifting Assets
Creating a Family Limited Partnership (FLP) may be a beneficial, and legal, way to avoid gift taxes on certain family assets. There are clauses within FLP’s that allow for gifting portions of the...
View ArticleFinancing Through Crowdfunding: Tax Implications
When the bank says no to giving a business loan for a new business idea, crowdfunding is a way for new start-ups to get funding. This is done by getting a “crowd” of people to donate or invest money to...
View ArticleInvest in Gold or Real Estate with a Self-Directed IRA
Ever wish you could invest your retirement savings into something more substantial than money market funds made up of stocks and bonds? Many people don’t realize, or overlook the fact, that the...
View ArticleHow The Health Insurance Mandate Will Affect Taxpayers
Although the new health insurance mandate does not go into affect until 2014, that is now only a little more than a year away. For the self-employed and others that do not have health insurance, this...
View ArticleTax Issues That Face Retirees
When the long awaited time to retire comes, keep in mind that Uncle Sam will still expect to get paid. Depending on how much retirement savings has been socked away and where the person lives, the...
View ArticleBillions Paid Out To Identity Thieves In Tax Returns
In a report released this summer of an audit completed by Treasury Inspector General for Tax Administration on the IRS, the government and the tax payers are being swindled. Over 1.5 million fraudulent...
View ArticleFive Ways To Save Taxes On Investments
It is frustrating to make gains on your investments just to see your profits gobbled up in tax increases. Although there is no legal way to get away from paying taxes on investment income, there are...
View ArticlePlanning For The End Of 2012 Income And Deductions
With so many tax issues still undecided since it is an election year, December will be a time for quick adjustments to income and deductions for some people. Although acceleration and deferral...
View ArticleTax Considerations When Loaning Money To Your Business
Personal loans should always be treated with the same formality as commercial loans if you want to protect your investment. This is true even when loaning to yourself, through a personal to your...
View ArticleTis’ The Season To Give Tax Deductible Charitable Donations!
With the New Year just around the corner and with the holiday season upon us, it is a perfect time to be charitable. With many families in need, those who are fortunate enough to have the ability to...
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