5 IRS Audit Mistakes To Avoid
The IRS audits about one million taxpayers each year. While the agency is understaffed, that doesn’t mean you’ll slip through the cracks. IRS software automates the selection process now by flagging returns that show abnormalities: Perhaps the return deviates from what’s normally filed, or it’s been linked to a family member, investor, or business partner […]
Taxability Of Employee Snacks Versus Meals
Here’s something to chew on: The IRS continues to clarify its position on deducting the cost of free food provided to employees. This time, office snacks get a delicious boost while other meals lose their deductibility entirely. The Tax Cuts and Jobs Act (TCJA) reduced the tax breaks employers can receive when feeding employees, but […]
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 […]
Monsanto Settlements: The IRS Is The Biggest Winner
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! Here are some […]
Small Contractor Tax Relief: Do You Qualify?
If you’re a small business contractor with annual gross receipts averaging $25 million or less in the past three-year period, the recent tax changes may have given you a valuable leg up. The small contractor exemption threshold has increased for the first time since 1986, allowing more building contractors to pick the accounting option that […]
Employee Theft Could End Your Business
Fraud is all around us these days, but it’s not just strangers who find us vulnerable. Your own employees could be stealing from you. The problem can be especially devastating for small business owners, who surprisingly tend to lose the most. The Association of Certified Fraud Examiners (ACFE) conducts the foremost study in the area […]
Tom Petty’s Estate Is Free Fallin’
There’s no doubt the late, great rock star Tom Petty thought he had his legacy all wrapped up in a neat package before he passed away. Like too many before him, he was wrong. Unlike Aretha Franklin, Prince, and so many other rock-and-roll legends who died with ambiguous wills or no estate planning at all, […]
Work During Vacation Could Pay Off
Mixing business with pleasure while traveling this summer? Some of it might be tax deductible, but the rules are tricky. Your ability to deduct travel expenses depends on these six factors: Where you go. The IRS treats deductible travel expenses within the U.S. differently than travel expenses incurred internationally. When traveling abroad, for instance, individuals […]
Surprising Taxes On Alernative Investments
As your net worth grows, your financial advisor may suggest diversifying your portfolio with alternative investments. These assets can include gold and real estate. Cryptocurrencies are another emerging investment area. The amount you invest and how you invest in these alternative areas, however, can affect your taxes in surprising ways. Click To View
Passing Down Your Family Business
If it’s the latter, emotions can further complicate matters. Family business owners are often caught without a safety net when the sons or daughters they always envisioned running the business one day are either unwilling or unable to do so. Click To View