24 03, 2017

Alimony in the IRS Spotlight

A couple of years ago, the U.S. Treasury released a report highlighting a disturbing level of non-compliance in alimony reporting on tax returns. Since the report was released, the IRS has increased the scrutiny they place on tax returns with alimony claims. If you file a tax return involving alimony, make sure you know the

20 03, 2017

Donating a Car to Charity – Don’t Make a Costly Mistake

Donating a car to charity can be a big deduction on your tax return, but the value of your deduction can depend on the organization you donate your car to and how they use the vehicle. Fair market value or not quite When you donate a vehicle, the value of your donation is either the

15 03, 2017

5 Tips to Build Customer Loyalty

Studies have shown that businesses often spend five to six times more to attract a new customer than to keep an existing one. Over the long term, those dollars add up. In fact, a company's ability to care for its customers often determines its survivability in the marketplace. Make customers happy and they'll stick

10 03, 2017

Audit Proof Your Income Tax Deductions!

Tax audits still remain relatively rare, but should you face one, be prepared for questions. Tax authorities tend to deny everything and then make you prove that your deductions are valid. Here are some suggestions. To prove your deduction most auditors are looking for two required documents. Receipts. The receipt should clearly show the company

10 03, 2017

Tax Tips for Newlyweds

The tax implications of marriage are probably not the first thing on the minds of most newlyweds, but paying a little attention to it now can save time and even money later. Here are a few tips to help those who are about to embark on a new life together. Tip 1: Notify the Social

6 03, 2017

A Tax Refund for You or an Interest-free Loan for the IRS?

Millions of taxpayers receive refunds each year. Will you be among them? Most of us will happily accept our tax refund checks, because we can usually use the money. However, it's important to understand that refunds actually cost you money. Here's why: * The government pays no interest on refunds. Kept in your hands,

2 03, 2017

Do You Owe Self-employment Tax?

Did you work as a sole proprietor or independent contractor in 2016? If you earned more than $400 during 2016 from the work you did, you may owe self-employment tax. That's true no matter what your age – even if you're receiving social security benefits. The tax is assessed on your earnings from self-employment.

24 02, 2017

Who needs an “Employer Identification Number”?

There are a few qualifications that determine if you need Employer Identification Number (EIN) from the IRS: • If you operate your business as a corporation or partnership. • If you file reports for employment taxes, excise tax, or alcohol, tobacco and firearms. • If you have one or more employees. • If you have

22 02, 2017

Depreciation Made Easy for 2017

If your eyes glaze over when you read the word "depreciation" you are not alone. While depreciation is simply deducting the cost of business equipment over time, special tax provisions allow flexibility in how much can be expensed in a given year. The first solution is the Section 179 deduction. You are able to write

20 02, 2017

When Business Travel Insurance Makes Sense

There are many things that come in pairs because they make sense – peanut butter and jelly, salt and pepper, shoes – the list goes on and on. Travel insurance for business travel is no different. There are inevitable changes to business travel or circumstances that arise while away from home. One way to protect