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Posts tagged "Internal Revenue Service"

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.

How to avoid payroll scams this tax season

For many businesses, January is the start of a new fiscal year. It definitely begins with promise and optimism especially if the previous year ended strong. But there are also substantial responsibilities when it comes to preparing a federal income tax return. Indeed, there is a duty to ensure that you provide accurate information to the federal government, but as more electronic information is passed between businesses, it is increasingly important to guard against scams.

Why equipment deductions are important

We want to begin this post by wishing our readers a Happy New Year, and a happy and prosperous 2018. Part of achieving that goal involves the proper preparation of business tax returns. While the April 15 federal income tax filing deadline is months away, tax season can be very busy for tax attorneys, accountants and business owners alike. So it is important to plan diligently. In doing so, it is important to maximize the deductions afforded by the U.S. Tax Code. With this post, we will highlight the importance of properly writing off furniture and technology used in a business. 

Tax planning tips during the holidays

While we all would like to enjoy the holiday season, we understand that our clients have much more going on than just holiday parties and end-of-year celebrations. Of course, there are timesheet and vacation expenditures, annual reports that must be prepared and, of course, tax preparation tasks.  

How you can avoid being called a 'Scrooge' during the holidays

While many individuals and businesses look to charitable giving as an end-of-year tax planning strategy, not everyone (or every business) is in a charitable mood. Indeed, it is easy to be viewed as a “Scrooge” if you don’t get into charitable giving, but there may be genuine reasons for not donating this year.

Could you be audited for working with independent contractors?

The "gig economy" works in large part by employing independent contractors instead of employees in order to keep costs down. That has led to some headaches -- whether or not a worker is an employee or a contractor is a legal determination under the Fair Labor Standards Act. It's not strictly the choice of the employer.

Are you following the official IRS tax guidance?

Many of us have, if we’re curious about a particular tax-related issue, consulted the IRS website (www.irs.gov), especially now as the tax year is winding down. We assume that since the content on the site is put out and endorsed by a government agency, it is valid, factual and reliable.

Consider these moves now to minimize tax in the New Year

The final stretch to the end of the year is upon us. There are important decisions to make between now and December 31, about such issues as insurance coverage and health savings accounts for 2018, for example. It’s also the time to handle last-minute tax issues that could save you big bucks.

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