Here are some easy and basic ways to lower your tax bill. These are both business and personal tax tips. Claiming Rents and Personal Housing Occasionally people rent out individual rooms in their house while living there themselves. While you can normally take a simple rent deduction when you have a renter, it becomes much […]
Tax News
Business Tax News: Group Advocates Closing Corporate Tax Loopholes
A coalition named Americans for Tax Fairness (ATF) has recently held events in sixteen states for the purpose of pressuring Congress to close corporate/business tax loopholes. It is their premise that removing the ambiguities in the corporate tax code will help to prevent impending budget cuts to vital services and benefits. The ATF, which has […]
IRS Curtails Late S Corp Election
The Internal Revenue Service has recently consolidated the procedure for requesting relief for businesses that make late elections to become S corporations. The new streamlined relief comes in the form of Revenue Procedure 2013-30 which was drafted by David Kirk and published earlier this month. This new procedure combines the provisions of several existing […]
Common “Surprise” Taxes and How To Handle Them!
One thing is certain besides taxes….you probably will want to stay on IRS’s good side! Here are some common items you may come upon this tax season. These are a few terrible tax surprises and how to handle them! Alimony Collected Now that you made it through the divorce you will also have to accept […]
Don’t Lose Your Refund to an Identity Theft Scam
In 2012 the IRS uncovered a mounting problem involving the thefts of innocent taxpayers’ refunds. According to the IRS, investigators found 898 identification theft cases in 2012. This is a number that has tripled in comparison to the previous years. The IRS has issued numerous media alerts and has hired an additional 3,000 employees to […]