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Embarrassing Celebrity Tax Mistakes

Embarrassing Celebrity Tax Mistakes

Celebrities can certainly make mistakes with their money. Two of the most common mistakes that involve the IRS are tax evasion and poor estate planning. One is a failure to assume responsibility and hope the IRS doesn’t notice while the other is based more on ignorance of what can truly happen to your assets (and how much can be lost to the IRS) after you’re gone. Marilyn Monroe, Willie Nelson, Wesley Snipes and others have fallen victim to these mistakes and they (or their families) have paid the price. 

Keeping Two Sets of Books Could Lead to Prison

  • 19 April 2017
  • Author: Alexander Carr
  • Number of views: 1326
  • 0 Comments
Keeping Two Sets of Books Could Lead to Prison

Most businesses normally keep only one set of books, usually maintained to present financial statements to stakeholders (shareholders, financial institutions or government regulators such as the IRS and SEC). Their CPAs, whether internal or from an outside firm make “tax adjustments” to convert “book income” to “taxable income” and then complete the appropriate forms notifying the IRS of the differences. However, if a business has two sets of books, the IRS becomes very skeptical very quickly. 

The CEO Exodus (And What It Means for Your Retirement)

  • 11 April 2017
  • Author: Alexander Carr
  • Number of views: 1275
  • 0 Comments
The CEO Exodus (And What It Means for Your Retirement)
Out of 74.9 million baby boomers, many are actively transitioning out of the business world right now either by retiring, selling their businesses, or taking alternative employment such as consulting. The number of small businesses for sale nationwide is at a six-year high and it’s not expected to decrease soon. Nearly 7 out of every 10 business owners

want to retire in the next 10 years. Many of these business men and women have moderate retirement funds set aside except for one elite group of CEOs who are set for life.

March Madness and Your Taxes

  • 21 March 2017
  • Author: Alexander Carr
  • Number of views: 1303
  • 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: 2604
  • 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: 1423
  • 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: 2386
  • 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: 1344
  • 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: 1313
  • 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: 2850
  • 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).

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