Business Tax Deduction Faqs
What expenses can my business deduct on its taxes? It’s such a simple question, yet the answer is shockingly complex. No tax situation is one-size-fits-all, and the rules are constantly changing. To offer clarity, we found some of the most “Googled” business deduction questions and answer them here. Can my business deduct charitable contributions? Yes, […]
Tax Changes For Employee Moving Expenses
Qualified moving expense tax treatment for employees has changed under the Tax Cuts and Jobs Act (TCJA). The transition started in 2018, but taxpayers are still being blindsided by what’s no longer covered. Through 2025, employers must include all moving expense reimbursements in their employees’ taxable wages, subject to income and employment taxes. The change […]
Painful IRS Lessons Continue For Actor Wesley Snipes
Actor Wesley Snipes served four years in prison for tax evasion, but it wasn’t enough to wipeout his $23.5 million tax bill. For that, Snipes continues his more than 13-year battle with the IRS, and the hits keep coming. The saga started in 2006 when the IRS first charged Snipes with felony tax fraud and […]
Retiring And Your Taxes
If you’re planning on retiring soon, congratulations! Enjoy and celebrate, but also take some time to understand how retiring right now will influence your future tax returns. Click To View
Retiring & Your Taxes
While taxes, in general, are a constant, tax codes are ever changing. Each year presents a different set of tax implications when it comes to retirement. If you’re planning on retiring soon, congratulations! Enjoy and celebrate, but also take some time to understand how retiring right now will influence your future tax returns. Click To […]
5 Audit Mistakes To Avoid
The IRS audits less than 1% of all tax returns. Before you breathe a sigh of relief, that still adds up to about 1 million audits every year. IRS software is helping to automate the process by flagging returns that show abnormalities. Perhaps the return deviates from what’s normally filed, or it’s been linked to […]
Tax Havens: Legal Or Not?
Google shifted nearly $23 billion in profits to a tax haven in Bermuda in one single year, allowing it to avoid triggering U.S. income taxes and European withholding taxes on its foreign income. How did they do it? Are using tax havens in this way legal? According to Reuters, Alphabet, Google’s owner, moved revenue from […]
Beware Of The Newest IRS Scams
Did you get a hostile call from the IRS about owing money? Did Uncle Sam email you a tax transcript? You are being scammed. Over the past few months, the IRS has issued notifications of new scams that are costing taxpayers millions. They include: Unsolicited phone calls fraudulently claiming to be from the IRS Taxpayer […]
Real Estate Investments And Your Taxes
Do you invest in commercial real estate? You don’t need to be a mogul to do it, and certain tax advantage can make it worthwhile. Some recent tax changes should be noted, however, even for those who aren’t new to investing in commercial real estate as part of their portfolio. Click To View
Your 3 Types Of Taxed Income
Taxes are fickle. One classification misunderstanding and the IRS could blindside you with a tax or a tax rate you weren’t expecting. Small business owners are especially vulnerable since their personal and business assets can be uncomfortably intertwined. The key to tax savings is in understanding three main types of taxed income and how the […]