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Three ways an attorney can help with tax audits

For many small businesses, getting their state and federal tax returns filed before the filing deadline is a feat in itself. But for an unfortunate chosen few, the task with taxes is not over just yet. These businesses, when they are chosen for an audit, may have to experience a new gauntlet that could threaten the future of their enterprise.

Moving expense deduction to be suspended next year

If you are poised to move because of a new job, or transfer within the same company, you may be curious about what expenses may be tax deductible in the next tax year. After all, moving expenses have been a long-standing deduction that employees and small business owners have traditionally taken advantage of.

Student loan discharges may come with strings attached

For those considering bankruptcy because of the weight of student loan debts, they likely have unfortunately learned that discharging such debt is notoriously difficult. Essentially, bankruptcy debtors seeking to eliminate student loan debts must follow a rigid standard and show that their financial situation is going to persist and that they have made a good faith effort in paying them. However, courts have held this bar so high that few debtors actually qualify.

How to protect yourself if you can't pay your tax bill right away

The theme of TurboTax commercials reminds us that the fear of the unknown can really control our lives and force us to procrastinate on completing our tax returns. We may fear that we may make mistakes that will lead to unfathomable penalties. We may also fear the power of the federal government to collect on back taxes.

A bigger paycheck or a larger refund?

The beginning of April is a very popular time to talk about tax refunds; unless, of course, you are poised to owe Uncle Sam money. Nevertheless, it is still important to think about your tax return in terms of the interest free loans that you may be giving to the federal government because of the withholdings in your paycheck.

Small businesses may take advantage of R&D tax credits

While the potential for a startup company to be worth millions of dollars after inception drives many entrepreneurs, the reality is that new businesses do not always realize a profit in their first year of operation. Some many not may not make money for a couple years before becoming profitable (e.g. Amazon). During this period, new businesses may not be required to pay federal income taxes (because of the lack of profit), they still must be responsible for payroll taxes; an expense that is not tax deductible, of course.

The tax implications of flipping houses

Flipping houses may be an attractive way to make money. Taking a distressed house, making repairs and putting it back on the market seems easy enough, especially when you have a penchant for craftsmanship or a good relationship with a contractor. Nevertheless, as much money as you think you will make flipping houses, always remember that Uncle Sam will want his cut.

Uncle Sam may want some of your gambling winnings

Who knew that when the Atlanta Falcons led the New England Patriots 28-3 midway through the third quarter in Super Bowl LI that the Patriots would prevail? Ask any Patriots fan and they believed. Indeed, they probably put their faith in their team with their wallets before the game by placing bets.

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