IRS Tax Tips for Starting a Business
When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five IRS tax tips that can help you get your business off to a good start. Business Structure. An early choice […]
Taxpayer Tips: Best Practices for U. S. Tax Court
Taxpayers contesting IRS assessments of additional taxes, penalties and interest have a number of different options to contest and appeal those assessments. One of those options includes bringing a case to the United States Tax Court (Tax Court). Here are some Tax Court practice tips for taxpayers: 1. Know What Tax Court Is Congress created the Tax […]
Which Retirement Income Tax Strategy Is Right for You?
For many people, thinking about retirement simply means contemplating enjoyable ways of spending time during their golden years. What some people may not account for, however, is the impact taxation can have on savings, investments, and cash withdrawals. Just as it is important to plan your investments—and it is never too soon to start—it is […]
IRS and Security Summit Partners Warn of Fake Tax Bills
WASHINGTON — The Internal Revenue Service and its Security Summit partners today issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act. The IRS has received numerous reports around the country of scammers sending a fraudulent version […]
Tax Withholdings & Your W-4
Did you get a large refund this past April? More than $1,000? Or perhaps you owed money and had to write a check you didn’t want to write? It may be time to sit down, sip your beverage, and learn a bit about how to adjust your tax withholdings. Withholdings are the taxes your employer takes […]
How to Remove Assets from a Taxable Estate
A simple and basic estate planning tool is a revocable living trust (RLT). Revocable means it can be changed; living, because you are alive; and trust which is a legal document. The point of a RLT is to protect your assets from probate, the long and drawn out process that can take sometimes a year […]
Why we put off filing our taxes and how to stop it.
The 2017 tax filing season has been officially underway for just more than a week. Lots of folks have already filed their returns. And, according to ecstatic posts on social media, some have received their refunds. Other taxpayers, however, are waiting to file. Form-ulaic delay: Why the delay. In a lot of cases, folks haven’t yet […]
The IRS Taxpayer Bill of Rights and You
Taxpayers have fundamental rights under the law. The Taxpayer Bill of Rights presents these rights in 10 categories, which can help taxpayers when they interact with the IRS. This post highlights a list of taxpayer rights and the agency’s obligations to protect them. 1. The Right to Be Informed. Taxpayers have the right to know what […]
10 Easy End of Year Tax Tips to Increase Your Tax Refund
It’s hard to believe that the holiday season is already upon us and the year will be coming to a close soon! Now is a great time to make some end of season tax moves to help lower your tax bill and increase your tax refund come tax time. Once the year ends, so do most […]
Year End Small Business Tax Tips
When the year begins to wind down, many small businesses wonder if there are any last-minute tax tips that can save some money when they pay taxes. After all, once the year is up you may lose the ability to claim certain deductions or benefits, so it makes sense to ensure you’re taking advantage of […]
6 Money Saving Tax Tips for the Self-Employed
Self-employment can be hard, but if it was easy, everyone would do it, right? In an attempt to lighten your load and ease your burden, whether you are just trying to make the October 17 tax extension deadline, figuring out estimated taxes, or are gearing up for next tax season, take a look at these six […]
Back To School Tax Tips and Deductions
10 Back To School Tax Tips With the start of school just around the corner, taxpayers need to be aware of the following tax tips and deductions available for qualifying expenses: Private School Tuition and School Uniforms The cost of private school or parochial school tuition is not deductible. However, the child care component costs […]
Year-End Tax and Payroll Tips for Small Businesses
Payroll giant ADP has provided a set of year-end tax and payroll tips and reminders to small business owners, their accountants and other advisors, to help streamline the tax-filing process. Verify tax IDs: Work with your accountant or payroll service provider to confirm that all tax ID numbers on payroll reports are up to date […]
Business or Hobby? Tax Tips for Reporting Side Income
Millions of people enjoy hobbies that are also a source of income. Some examples include stamp and coin collecting, craft making, and horsemanship. You must report on your tax return the income you earn from a hobby. The rules for how you report the income and expenses depend on whether the activity is a hobby […]
