Even though tax preparation season doesn't start until January or February, tax planning season is well under way. If you are a business owner, there are a couple items that need to be completed before December 31. Health Insurance W-2 Reporting If you are an S Corporation owner, and if your S Corporation provides and pays for your [...]
Once upon a time, individuals could invest in rental real estate and use the big tax losses to offset income earned from other sources. Unfortunately, Congress has squashed that strategy. Now losses from rental real estate are suspended and can be used to offset only rental income. It's not impossible to use the losses from [...]
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 [...]
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 [...]
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