Crowdfunding, The Iceberg Below the Surface

Posted

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 »

2018 ‘Dirty Dozen’ list

Posted

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 »

Deducting Mileage Expenses

Posted

So you started your own small business and happen to be driving all over Timbuktu to meet with customers and get supplies. It is costing you time and money to drive to all of these places that are necessary for the business.  But can you get a tax deduction to lower your taxes for these… Read more »

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

Posted

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 »

Tax Reform – How to Prepare:

Posted

As I am sure many are aware, Congress is working on a bill to revise the tax code. The current public draft of the bill will reduce the deduction for state and local income and property taxes for 2018 and future years. Also, many will no longer receive a tax benefit from charitable contributions or… Read more »