Business Strategies: How do I Prove My Travel & Entertainment Expenses?

If you're an employee who is reimbursed for expenses you'll need to file and expense report for your employer, which is a written accounting of your expense while on travel. If you received a cash advance, you'll also need to return to the employer any amounts in excess of your expenses. Some per diem arrangements [...]

9 Facts to Know if You Receive an IRS Letter

The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be easily dealt with without having to call or visit an IRS office. Here are nine things you should know about if you receive a notice or letter from the IRS. 1. There [...]

IRS Debt

Are you involved in an issue regarding IRS or state tax debt? Don't let it overwhelm you! Let us work on your behalf to help resolve the issue so you can get on with your life!

Spring Cleaning for your Company QuickBooks File!

There are a lot of clues that indicate trouble with your QuickBooks company file. Is it time for a check-up and tune-up? After this ridiculously long winter, you'll probably hear few complaints about things like puddles in the street, summer heat and spring cleaning. Most people are eager to throw open the doors and windows, [...]

Hiring your first Employee? Here are some Tax-Related Steps to think about…

Be prepared for a mountain of paperwork, much of it related to income taxes. Adding your first employee to your small business comes with good and bad news. The good, of course, is that you're succeeding so well that you need full-time help. You're hopeful that this new individual will being new energy and fresh [...]

Three Timely Tips about Taxes and the Health Care Law

The health care law has provisions that may affect your personal income taxes. How the law may affect you may depend on your employment status, whether you participate in a tax favored health plan and your age. Here are three tips about how the law may affect you: 1. Employment Status If you are employed [...]

2014 Tax Season Opens Jan. 31 for 1040 Filers

The 2014 tax season for individual taxpayers filing their 2013 tax returns opened on Jan. 31 this year, 10 days later than usual due to the 16-day federal government closure in October. Small businesses that report their income on Form 1040 on Schedule C, Profit or Loss From Business (Sole Proprietorship), Schedule E, Supplemental Income [...]

IRS Tips about Taxable and Nontaxable Income

Are you looking for a hard and fast rule about what income is taxable and what income is not taxable? The fact is that all income is taxable unless the law specifically excludes it. Taxable income includes money you receive, such as wages and tips. It can also include noncash income from property or services. [...]

Health Care Issues

Think You Cannot Afford Health Insurance? Think Again. Starting in 2014, individuals and families can take a new premium tax credit to help them afford health insurance coverage purchased through an Affordable Insurance Exchange. Exchanges will operate in every state and the District of Columbia. The premium tax credit is refundable so taxpayers who have [...]

Reasons for S corp switch

Changing from a C corporation setup to the S corporation setup can be beneficial, but there are numerous factors to consider. With the March 15, 2011 deadline for 2011 fast approaching, you should seek guidance for your situation. Basic benefits of a switch: If a C Corporation owner elects S corp status, the corporation’s income [...]

Appeals… Resolving Tax Disputes

Is Appeals right for you? The Appeals mission is to settle tax disagreements without having to go to Court and a formal trial. Appeals is here to assist you if you don't agree with a tax decision. The Office of Appeals is independent of any other IRS office and provides a venue where disagreements concerning [...]

Alternative Motor Vehicle Credit

The Alternative Fuel Motor Vehicle Credit was enacted by the Energy Policy Act of 2005 and includes separate credits for four distinct categories of vehicles: Qualified Hybrid Vehicles, Qualified Fuel Cell Vehicles, Qualified Alternative Fuel Motor Vehicles (QAFMV) and Heavy Hybrids, and Advanced Lean-Burn Technology Vehicles. The amount of the potential credit varies by type [...]

Closing a Business

There are typical actions that are taken when closing a business. You must file an annual return for the year you go out of business. If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes. Also attach a statement to your return [...]

Tax angles on donated ‘clunkers’

The hugely popular cash-for-clunkers program ended Aug. 25, 2009. This new program enabled vehicle owners to realize a tax-free discount of up to $4,500 on a trade-in. But you can still qualify for big tax benefits if you donate your "clunker" to charity. Instead of trading in your vehicle, simply give it away to a [...]

Can you reconvert an IRA?

Suppose you converted your IRA to a Roth IRA just before the bottom fell out of the stock market last year. Because the tax liability for the conversion is based on the value of the account on the last day of the prior year – Dec. 31, 2007 -- you would have paid tax on [...]