Business owners: When It Comes to IRS Audits Be Prepared
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by [...]
Real estate investor vs. professional: Why it matters
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject [...]
Do you know the tax implications of your C corp.’s buy-sell agreement?
Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C [...]
Operating across state lines presents tax risks — or possibly rewards
It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding [...]
Turning next year’s tax refund into cash in your pocket now
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of [...]
Home Office Deductions
Information IRS.gov If you use your home for business you may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or [...]
Tips for Collecting from Bankrupt Customers
Whether the economy is cold or hot, some individuals and organizations wind up filing for Chapter 11 bankruptcy. If you stay in business long enough, some of their names will [...]
Filing a Tax Return Late and Paying Penalties
Information from IRS.gov The deadline for filing your Form 1040 personal income tax return and paying any tax owed was April 18. If you file late and have tax due, you will have penalty. [...]
Letters from the IRS
Info from IRS.gov First of all, don't panic! The IRS offers the following information. __________________________________________________________________________________________________________________________________ The IRS mails millions of pieces of correspondence every year to taxpayers for a variety [...]
Tips on when to Amend your Tax Return
Info IRS.gov You can fix mistakes or omissions on their tax return by filing an amended tax return. The following tips may help if you need to amend your return. Use [...]
Giving Seed Money for My Business?’
Let's say your brother-in-law is starting a new business. You listen to his idea, read his business plan and think the endeavor sounds promising. Your brother-in-law asks if he can [...]
Individual tax calendar: Key deadlines for the remainder of 2017
While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that are important to [...]
Franchise M&A: Issues to Consider when Drafting an Agreement
Have you ever thought of owning a franchise? Or are you in a business where you hope to have franchisees? Many businesses are set up as a franchisor/franchisee relationship. In [...]
A timely postmark on your tax return may not be enough to avoid late-filing penalties
Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due [...]
Saving tax with home-related deductions and exclusions
Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is [...]