5 Business Money Resolutions To Keep In 2020
As we roll into 2020, it’s time to focus on making it the best year yet for your business. That means staying on top of changing regulations, pivoting with the changing needs of your business and financial goals, and addressing some nagging business decisions that may be long overdue. 1. Heed the New Overtime Rules […]
TurboTax’s $216 Million Tax Filing Mistake
Who knew part-time work at a thrift store could be so lucrative? Donna Smith was shocked to discover a tax bill from the IRS claimed she owned $216 million in taxes from the modest $10-an-hour job. The bill was obviously a mistake, but one that managed to make its way back into Smith’s hands for […]
Scams That Target Veterans And/Or Pose As Veteran Charities
Scams involving military veterans are on the rise. These scams fall into two separate categories: those that target military members and veterans and those that pose as veteran charities asking for donations. San Antonio is a military town, which means the likelihood you’ll be targeted (or already have been) is high. Be on the lookout […]
Our Annual Charitable Giving Guide
It’s the most wonderful time of the year! In this season of giving, we’re bringing you our annual charitable contribution tips. How can you make your giving stretch and how can you ensure it goes to those who need it most? Let’s take a look. Consider bunching your charitable giving. With the standard tax deduction […]
When A POS System Turns Into Tax Evasion
Sales suppression software has been around for a while, but the government is getting more serious about sniffing it out. The software, commonly called tax zapper software, is used to modify sales reports generated by point of sale (POS) software systems for the purpose of reducing taxable income by underreporting sales. Restaurants and other cash-based […]
It Can Take 10 Years To Retire Right, And Here’s Why
Meet Ted. Ted is a C Corp owner who is ready to retire by selling his $1 million worth of stock in the business. Not a bad retirement, right? Let’s take a closer look. The long-term capital gains tax for Ted is $240,000. And the buyer? His tax bill is even worse. Let’s say, in […]
No Uber For The Tax Man
Are auditors and other IRS agents allowed to get a ride from a ridesharing service–or even a friend or family member–to a taxpayer’s home or place of business? It depends on whether doing so violates the taxpayer’s privacy rights. That’s the conclusion of the IRS Office of the Chief Counsel in a recent legal opinion. […]
The Downside To Overworking
Always working? New research shows a startling downside for being overly “productive.” It doesn’t work, and it can actually shorten your life. Researchers at Columbia University Medical Center and five other universities found that employees who work 13+ hours a day at desk jobs are twice as likely to die prematurely than those who spend […]
Travel, Parking, And Relocation Tax Changes
Feeling lost while navigating the new Tax Cuts and Jobs Act (TCJA) changes for business travel, parking and relocation? You’re not alone. Here are some of the top changes and what the IRS has to say (if anything) about them. Deducting Mileage The standard mileage rates for business use of a vehicle increased significantly in […]
New Temporary Tax Credit For Paid Family And Medical Leave
Are you an employer who provides paid family and medical leave to your employees? If you are, you may qualify for a new business tax credit through 2019. To be eligible to claim the credit, an employer must have a written policy that satisfies the following requirements: You must cover all qualifying employees, which is […]