One important consideration when starting your business is determining the best legal organizational structure. Why? Because it will affect operating efficiency, transferability, control, the way you report income, the taxes [...]
Information courtesy of IRS Consider the following tips from the IRS and be prepared in case of a disaster. Use Electronic Records. You may have access to bank and other [...]
I an article on MSN.com offers strategies to maximizing your social security benefits. Remember to budget, allocate and manage! Figure our how much you are paying into Social Security Figure [...]
If you allow employees to telecommute, be sure to consider the potential tax implications. Hiring someone in another state, for example, might create sufficient nexus to expose your company to [...]
IRS.gov Things you should know about amending your federal tax return: When to amend. You should amend your tax return if you need to correct your filing status, the number [...]
If you donate your vehicle, the value of your deduction can vary greatly depending on what the charity does with it. You can deduct the vehicle’s fair market value (FMV) [...]
As the school year draws to a close, it’s a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if you have young children. One major advantage [...]
Information courtesy of IRS Reduce your taxes and save on your energy bills with certain home improvements. Non-Business Energy Property Credit Part of this credit is worth 10 percent of [...]
Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses: For food and beverages furnished at the workplace [...]
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why is this important? Passive income may be subject [...]
Information courtesy IRS Some people take an early withdrawal from their IRA or retirement plan. Doing so may trigger an added tax on top of the income tax you may [...]
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. [...]
Tax-exempt organizations: deadline for filing tax information returns is approaching. Remember, do not include Social Security numbers (SSNs) or other unneeded personal information on Form 990. If your organization uses [...]
A few important items regarding income from self-employment that the IRS wants you to know: Self-employment can include income you received from a part-time job, in addition to income from your [...]
Information courtesy of IRS If you start your tax planning now, you may avoid a tax surprise when you file next year. Now is a good time to set up [...]