If you're facing outstanding tax debt that you cannot pay, you may want to consider looking into an Offer in Compromise from the IRS. Specifically, an Offer in Compromise is an option offered from the IRS to qualifying individuals that allows…
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Individuals with large estates generally want to gift portions of their estate to beneficiaries while they are still living, to avoid or lessen the estate tax when they pass away. That can be done through annual gifts (up to the inflation-adjusted…
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The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the standard mileage rates for the following year.
As it does annually around the…
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If you engage the services of an individual (independent contractor) in your business, other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue that person…
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Just a reminder that the last day you may make a tax-deductible purchase, pay a tax-deductible expense, take advantage of tax credits, or make tax-deductible charitable contributions for 2018 is Dec. 31.
Every taxpayer’s situation is unique,…
Some holiday gifts you provide to members of your family, employees and others may also yield tax benefits. Here are some examples:
Electric Car Credit – If you purchase an electric car as a holiday gift for your spouse or even…
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S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes…
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Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricanes and flooding in the southeast and eastern seaboard we have had a number of presidentially…
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December 3 - Time for Year-End Tax Planning
December is the month to take final actions that can affect your tax result for 2018. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status,…
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Make absolutely no mistake about it: Not only is employee burnout very real, it’s probably costing your business a lot more money than you realize. It’s also not a problem that you’re necessarily going to be able to buy your way out of,…
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Do I Qualify for an IRS Offer in Compromise?
2018 Tax Laws, Tax Tips, TaxesWill Gifts Now Using the Temporarily Increased Gift-Estate Exclusion Harm Estates after 2025?
2018 Tax Laws, Estate Planning, Gift Tax2019 Standard Mileage Rates Announced
Accounting, BusinessThe 1099-MISC Filing Date Is Just Around the Corner – Are You Ready?
2018 Tax Laws, TaxesLast-Minute Tax Strategies
Tax Tips, TaxesHoliday Gifts with Tax Benefits
Gift Tax, HolidaysS Corporation Stockholders: Are You Taking Reasonable Compensation in the Form of Wages?
Business, CorporateWhen To Claim a Disaster Loss
2018 Tax LawsDecember 2018 Individual Due Dates
2018 Tax LawsMitigating the Effects of Employee Burnout: What You Need to Know
Business, Business Development