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American Dream Vacations of Houston

American Dream Vacations of Houston
Before Bart Bonham called American Dream Vacations to ask about adding his family’s RV to their fleet, he never suspected he’d be a licensed owner of the company’s first Houston location just a few months later.

Plaintiffs and Attorneys, Take Note: Personal Settlements Are Now Taxed 100%

  • 24 April 2018
  • Author: Alexander Carr
  • Number of views: 274
  • 0 Comments
Plaintiffs and Attorneys, Take Note: Personal Settlements Are Now Taxed 100%
Lawsuit settlements just became more profitable…for the IRS. Under the new tax code

, most personal claims are now taxed at 100% with no deduction for legal fees. That’s right: In those cases, the plaintiff will be taxed on the fees paid to the attorney and so will the attorney who receives them!

A Stud in Tax Court: How a Retired Race Horse Beat the IRS

  • 17 April 2018
  • Author: Alexander Carr
  • Number of views: 324
  • 0 Comments
A Stud in Tax Court: How a Retired Race Horse Beat the IRS
If you’re a horse enthusiast, take note: The IRS may disagree with whether your affinity is a hobby or business, depending on what’s at stake. With a recent tax court win, a retired racehorse named Woody B. Tuff teaches us about the tax implications of what we do on our weekends.

What Are Public Benefit Corporations and B Corps?

  • 10 April 2018
  • Author: Alexander Carr
  • Number of views: 406
  • 0 Comments
What Are Public Benefit Corporations and B Corps?
Can you make a profit and save the world at the same time? Many startups and businesses aim to do just that and, now, there are business designations and corporate structures to fit their missions. Public Benefit Corporation (PBC) status and B Corp designations are both tailor-made for do-good for-profits, but that’s where the similarities end.

What You Need to Know This Tax Season

  • 27 March 2018
  • Author: Alexander Carr
  • Number of views: 457
  • 0 Comments
What You Need to Know This Tax Season

We’re in the thick of the 2017 income tax filing season. It’s the time of year we’re often inundated with questions and, with so much confusion about the current tax code, this year is certainly no exception. We’ve answered some of the most common income tax filing questions for the 2017 tax year below.

The IRS Offers a First-Time Penalty Abatement Waiver

  • 20 March 2018
  • Author: Alexander Carr
  • Number of views: 403
  • 0 Comments
The IRS Offers a First-Time Penalty Abatement Waiver
Who says the IRS isn’t forgiving? The agency hands out penalties quite liberally for late filing, overdue payments, and missing deposits, but did you know taxpayers facing their first penalty in at least three years may be able to have it forgiven? The policy is called First Time Penalty Abatement and, although it’s not well known, it’s been an option since 2001.

Section 179 Changes Could Mean It’s Time to Buy

  • 13 March 2018
  • Author: Alexander Carr
  • Number of views: 798
  • 0 Comments
Section 179 Changes Could Mean It’s Time to Buy
Section 179 deductions just got better. For tax year 2018, the Section 179 deduction limit for property has soared to $1 million and, for equipment purchases, the cap is now set at $2.5 million. It could be a big tax-saving opportunity for small businesses—one that could be worth hundreds of thousands of dollars.

Cryptocurrency 101 for Small Businesses

  • 27 February 2018
  • Author: Alexander Carr
  • Number of views: 847
  • 0 Comments
Cryptocurrency 101 for Small Businesses
Bitcoin and other cryptocurrencies are all over the news lately, yet it remains a mystery to many small business owners. We know you’ve got questions, so we compiled a simple Q&A using advice from cryptocurrency experts to help explain what cryptocurrency is,

when it might be a good idea for small businesses, and how it’s taxed.

The IRS Is Taking Away Passports

  • 20 February 2018
  • Author: Alexander Carr
  • Number of views: 506
  • 0 Comments
The IRS Is Taking Away Passports
If you’re severely behind on your taxes, the IRS may ground you from leaving the country until you pay up. Last month, the agency announced

that it will start notifying the State Department of taxpayers who owe a “seriously delinquent tax debt.” The State Department, in return, is required to deny that individual a passport application or renewal. In some cases, a passport can even be revoked.

Love and Marriage and Taxes

  • 14 February 2018
  • Author: Alexander Carr
  • Number of views: 547
  • 0 Comments
Love and Marriage and Taxes

In celebration of Valentine’s Day, let’s look at how marriage affects taxes. After all, taking a closer look at how marriage can save tax dollars can be quite heartwarming.

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