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The Most Commonly Overlooked Tax Deductions 9 Oct 2012 | 09:58 pm
Many Taxpayers choose to do their tax preparation themselves using one of the many inexpensive software or online tax programs. But by saving few dollars not using a tax professional are they costing ...
The IRS will be looking closely at e-commerce businesses 25 Sep 2012 | 06:24 pm
Small businesses are among the largest contributors to this $450 billion a year tax gap, and as they increasingly do business online, the IRS has become more interested. In 2012, the IRS will look at ...
Eight Tips for Deducting Charitable Contributions 17 Sep 2012 | 09:31 pm
From IRS Tax Tip 2011-57 Charitable contributions made to qualified organizations may help lower your tax bill. The IRS has put together the following eight tips to help ensure your contributions pay ...
IRS announces an increase in audits for S-Corporations and Partnerships 25 Aug 2012 | 07:48 pm
The IRS announced that starting in October it would focus on partnerships and S corporations for audit for at least the next three years. The IRS will use more of its audit resources for the 3.4 mill...
Alternative Minimum Tax (AMT) for Individuals 18 Aug 2012 | 01:19 am
The Alternative Minimum Tax (AMT) was enacted by congress in 1969 to correct abuses of the regular tax system by numerous high-income taxpayers who did not pay any tax. The AMT is a separate system of...
When Tips Are Considered Wages 9 Aug 2012 | 03:41 am
A recent IRS Revenue Ruling clarifies the differences between a tip and a wage. Customer service charges should be treated as wages rather than tips. If a restaurant has a policy to add an 18% charge...
Limitations on the Losses and Deductions of S Corporation Shareholders 4 Aug 2012 | 02:55 am
Shareholders of S Corporations are subject to three separate limitations on the losses and deductions reported to them on a Schedule K-1. Basis Limitation The first is the Basis Limitation, which li...
Why it is Important to Hire a Small Business Accountant 2 Aug 2012 | 01:44 am
It is important to put the financial health of your small business into the hands of a professional who can help guide the growth process and offer valuable counsel on key information. While small bus...
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2013 Tax Rates and Changes 6 Jun 2012 | 05:56 am
The Bush era tax cuts are expiring at the end of 2012 and the changes will be significant. Preparing for these changes now may prevent a disaster for many taxpayers. To see just what an impact this w...
