When taxpayers have high W-2 earnings (in excess of $150,000 for example) coupled with large losses from self-employment activities, it's like waving a big "Audit Me" sign! The IRS' rationale for scrutinizing a tax return with these conditions is that if the taxpayer has substantial income unrelated to the self-employment activity, the taxpayer is more [...]
Questions: Do you take Customers and prospective Customers on weekend trips to help build your business? Can you deduct the expense related to these trips from your taxable income? Short Answer: Yes - the expenses related to these trips are a valid tax deduction. If you keep good records that prove the trips are related [...]
Remember our last post on identity theft? Here’s a brief summary: Tax refund fraud is up to $21 BILLION! Increased online services from the IRS allow hackers more opportunities to steal taxpayer identities and file for fraudulent refunds. More than 330,000 taxpayers were affected by a security breach in May 2015. Why are we talking about [...]
Over the past few years, the IRS has taken an aggressive step to ratchet up its ability to enforce business compliance with annual 1099 income reporting regulations. We would like to discuss Form 1099-Misc and these enforcement changes. We will also share the potential consequences for not filing these annual reports and how to stay [...]
No major changes for the year, but keep these thoughts in mind as we near the end of 2015. Congress is expected to revive key breaks including bonus depreciation to allow writing off 50% of cost of qualifying assets put in service this year. The higher ceiling on expensing assets is likely to be reinstated. [...]
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