Learn about events, get advice and stay informed.
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 »
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 »
Many of us dream of owning a vacation house that we and our families can use to rest and relax. Since we unfortunately cannot be on vacation all the time, many people rent their vacation homes out for part of the year to help defray some of the financial costs. While all you… Read more »
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 »
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 »
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 »
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 »
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 »
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 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 »
