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March Madness and Your Taxes

  • 21 March 2017
  • Author: Alexander Carr
  • Number of views: 435
  • 0 Comments
March Madness and Your Taxes

Doing well with your March Madness brackets? The IRS is happy for you…as long as you remember their cut of the winnings. Here’s what you should know about how you need to report earnings as well as tips to offset the tax burden (such as claiming other gambling losses). 

Will President Trump’s “2-for-1” Knockout Policy Affect Your Taxes?

  • 14 March 2017
  • Author: Alexander Carr
  • Number of views: 690
  • 0 Comments
Will President Trump’s “2-for-1” Knockout Policy Affect Your Taxes?

One of the executive orders signed by President Trump in the first few days of his administration deals with federal regulations. Essentially, government agencies like the IRS must identify two regulations to repeal for every new regulation they wish to add.

Dangers of Not Securing Your Data

  • 21 February 2017
  • Author: Alexander Carr
  • Number of views: 512
  • 0 Comments
Dangers of Not Securing Your Data
Data breaches can ruin businesses of all sizes. Most are caused by innocent employee mistakes: clicking on a phishing email, losing a laptop; or misplacing a smartphone with company data in it. Assuming your business is too small or too low-tech to fall victim to data theft could be a devastating mistake. The truth is that more than 70 percent of attacks target small businesses. What’s more, about 60 percent of those suffering major breaches never recover, ultimately going out of business within six months

IRA Loans for Business: Too Good to Be True

  • 14 February 2017
  • Author: Alexander Carr
  • Number of views: 730
  • 0 Comments
IRA Loans for Business: Too Good to Be True
The IRS is proving that, once again, just because it’s possible to borrow money from a retirement account to fund a business, you shouldn’t do so without sound advice. A March 29, 2016, U.S. Tax Court decision has brought this issue back to light and it serves as a reminder to handle self-directed IRA investments very carefully

Entrepreneurs Share Their Favorite Business Books

  • 24 January 2017
  • Author: Alexander Carr
  • Number of views: 492
  • 0 Comments
Entrepreneurs Share Their Favorite Business Books
You’ll never guess what Bill Gates’ favorite business book is or who first loaned it to him. When he met Warren Buffett in 1991, he asked the business icon about his all-time favorite read. Business Adventures: Twelve Classic Tales from the World of Wall Street by John Brooks was his answer. Buffett loaned Gates his copy and—more than 25 years later—Gates admits he still has it. It’s just that good

Do I Need to Pay Estimated Taxes?

  • 17 January 2017
  • Author: Alexander Carr
  • Number of views: 509
  • 0 Comments
Do I Need to Pay Estimated Taxes?

We are certainly entering the era of the “gig” economy which, as we’ve covered before, has given each of us the option to earn a little extra cash. Some of us are armchair entrepreneurs, independent contractors or provide a service like driving for Uber or renting out a vacation home online.  For each one of these activities—whether they represent your main income or not—the IRS expects to earn a quarterly portion. This portion is called an estimated tax payment.

Don’t Forget to Leverage Retirement Savings Each Year

  • 9 January 2017
  • Author: Alexander Carr
  • Number of views: 1015
  • 0 Comments
Don’t Forget to Leverage Retirement Savings Each Year

Happy New Year! Chances are you didn’t get as much accomplished at the end of 2016 as you had hoped. If one of those unchecked items on your to-do list is to maximize your tax savings, you’re still in luck when it comes to your individual retirement account (IRA).

Right Now, It Pays to Not File Taxes…But Beware

  • 20 December 2016
  • Author: Alexander Carr
  • Number of views: 1077
  • 0 Comments
Right Now, It Pays to Not File Taxes…But Beware
The Treasury Inspector General for Tax Administration (TIGTA)—an Internal Revenue Service (IRS) watchdog—says the IRS is ignoring delinquent taxpayers

who owe billions of dollars. According to the agency, the IRS implemented a strategy to identify taxpayers who have not filed a tax return, including taxpayers with expired extensions, on an annual basis.

New Overtime Ruling Blocked, For Now

  • 29 November 2016
  • Author: Alexander Carr
  • Number of views: 583
  • 0 Comments
New Overtime Ruling Blocked, For Now
If you’ve been sweating out the new overtime law changes going into effect December 1, 2016, you have a bit more time to plan. Just last week, the United States District Court for the Eastern District of Texas issued a preliminary injunction blocking the U.S. Department of Labor's new rule, which would have more than doubled the minimum salary level for exempt employees from $455 per week ($23,660 annually) to $913 per week ($47,476 annually)

Tax Scam Roundup

  • 15 November 2016
  • Author: Alexander Carr
  • Number of views: 898
  • 0 Comments
Tax Scam Roundup
Finally, some good news when it comes to tax scams. Earlier this fall, police in India raided nine call centers that were involved in calling phone numbers in the United States pretending to be IRS agents and demanding payment for taxes. The scam netted the operation approximately $150,000 a day, according to The Wall Street Journal. Even with this large operation shut down, though, it’s important to stay vigilant. Tax scams start and evolve every single day
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