Late Tuesday Congress finally approved a plan that ended Washington’s long drawn out battle infamously known as the “fiscal cliff.” The House Republicans conceded to President Obama’s request to allow taxes to rise on the country’s wealthiest households. First, the senate approved the legislation then the House voted in its favor, 257 to 167, which […]
IRS Releases 2013 Refund Information as Tax Season Approaches
Though the holidays are currently in full swing tax season is lurking around the corner. The IRS has just alerted the public that they expect refunds to be processed as quickly in 2013 as they were in 2012. In 2012, 90% of taxpayers received refunds in less than 21 days. The amount of the average […]
Harsh Consequences for not Meeting Payroll Tax Deadlines
What are the consequences of not paying employment taxes on time? When employment taxes are not paid on time, the IRS will impose harsh penalties due to the fact that a portion of these funds actually belongs to the employee and is simply being held in trust by the employer until the required tax […]
Many Millionaire Taxpayers are Small Business Owners
As recent tax initiatives have been aimed at collecting more tax revenues from millionaires, you may ask, just who are these millionaire taxpayers? According to research by the Tax Foundation, a group that advocates for lowering taxes, many of these millionaire taxpayers are owners of small businesses. It is more likely for partnership and S […]
How to Deduct Business Travel: Part 2
You’ve traveled for business, and now it is time to figure out your business travel deductions. What is “ordinary and necessary” and can be deducted on your business tax return? Transportation Flight, train, and car travel to and from the convention or meeting is deductible. Travel by boat, such as an ocean liner or cruise […]