Crowdfunding, The Iceberg Below the Surface

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Tax implications for Common Types of Crowdfunding More and more small business and startup company owners are turning to crowdfunding in the hopes of generating cash as well as creating a buzz around their business.  Websites such as Kickstarter and Indiegogo make it super easy to find a platform to launch your project, however it… Read more »

Vacation Rental Property: Tax Considerations (Part 2)

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After reading Part 1 of Vacation Rental Property, you now have an idea of the expenditures and personal vs rental days that you have to track for the IRS.  This blog will focus on the percentage of the aforementioned expenditures you can deduct.  That is correct, in case you were wondering, you cannot deduct 100% of… Read more »

2018 ‘Dirty Dozen’ list

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Fake charities make 2018 ‘Dirty Dozen’ list; Taxpayers should be alert to scams involving disasters, worthwhile cause WASHINGTON — The Internal Revenue Service warned taxpayers against scam groups masquerading as charitable organizations, luring people to make donations to groups or causes that don’t actually qualify for a tax deduction. These ‘fake’ charities attempt to attract donations… Read more »

1202 Qualified Small Business Stock – The Startup Investors Dream

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Many people (including some tax accountants) do not know, or forget, that there is a potential significant tax benefit for having invested in a startup business that is either a C Corporation or converts to a C Corporation from another structure such as a Partnership or LLC.  This benefit comes by way of what is… Read more »

Forms 1096/1099- What are they and do I have a filing requirement?

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File this form for each person to whom your business paid during the year: Payments paid to a single contractor, individual, partnership, or LLC totaling $600 or more for services performed (ie consulting, maintenance, lawn care etc.) Payments totaling $600 or more for rent paid to an individual, partnership or LLC (ie office space, machines, equipment… Read more »

Meals & Entertainment-update for the 2017 Tax Cuts and Jobs Act!

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Blog update for the 2017 Tax Cuts and Jobs Act!! For those of you who may have not yet heard, the 2017 Tax Cuts and Jobs Act put a major damper on tax deductions for entertainment expenditures. Basically for 2018 and going forward the tax deduction for entertainment deductions is stuck at a measly 0%…. Read more »

S Corporation Shareholders Considering a Sale: Avoid this Potential Tax Trap

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S Corporations: Cut- Off vs. Pro Rata Year End   Most taxpayers know that the tax code is very complicated and sometimes unfair but are unaware of the actual intricacies and potential pitfalls that await the unsuspecting.  An example of one of these cases is if you own at least 20% of an S Corporation… Read more »