about 1 month ago - No comments
For every one dollar in federal income taxes owed, the IRS is only able to collect 84 cents. The missing 16 cents is called the tax gap.
It’s the difference between what individuals and businesses should pay and what they actually do pay. After adjusting for late payments and enforcement actions by the IRS, the “net [...]
about 1 month ago - No comments
A new video on the Small Business section of the IRS Video Portal looks at how good recordkeeping can reduce stress at tax time. Check it out here: http://bit.ly/cQ2qFP
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Related posts:Six Tax Tips for New Business Owners We at Criser, Gough and Parrish help our clients navigate…
Records: Keep or Toss? If [...]
about 1 month ago - No comments
The IRS reminds taxpayers that interest deductions on home mortgages are limited, including limitations for home acquisition and home equity indebtedness.
There is one limit for loans used to buy, build, or substantially improve a residence — called home acquisition debt. There is another limit for loans secured by a qualified residence but used for other [...]
about 6 months ago - No comments
It’s coming, looming closer and closer with each passing day. The dreaded tax filing season is in full swing, and, we’ll bet, it’s already giving a number of business owners more than their fair share of headaches.
As a small business, you’re already overwhelmed. You run your business, take care of your employees, manage your client [...]
about 7 months ago - No comments
There are a couple new tax and financial planning issues affecting our clients for the 2009 tax season, so be aware:
1. Every disaster needs a new tax law…apparently.
We, like the rest of the world, were saddened by the tragedy of the Haiti earthquake, and, like so many, were inspired to donate what we could. As [...]
about 7 months ago - No comments
While reading a recent newspaper article, I noticed a story about a couple getting horribly lost and worse by simply following their GPS device instructions. It makes me think how easy it is to believe that our technology has all of the answers.
It comes as no surprise that blindly following tax advice from a software [...]
about 7 months ago - No comments
Vehicles
Mileage: If you drive your personal car or truck for business and opt to deduct costs based on the IRS standard mileage rate (rather than your actual costs), note that the rate for 2010 is much lower than it had been for 2009. The 2010 rate is 50 cents per mile, down from 55 cents [...]
about 7 months ago - No comments
In 2009, numerous new and expanded deductions and credits came into being for a broad cross-section of taxpayers: College tax benefits for parents and students; energy credits for homeowners who are going green; and even tax breaks for home buyers and car buyers.
Following is a summary of these and other key changes taxpayers will find when they start preparing their 2009 federal income tax returns.
about 8 months ago - No comments
If you were married or divorced recently, there are a couple of things you’ll want to do to ensure the name on your tax return matches the name registered with the Social Security Administration.
Here are five facts from the IRS for recently married or divorced taxpayers. Following these steps will help avoid problems when you [...]
about 8 months ago - No comments
Each year, the IRS announces the most common blunders that taxpayers make on their returns. One of the most prevalent – every single year – is forgetting to enter Social Security numbers on the top of returns, so double-check those forms!
Another yearly occurrence done by millions of taxpayers is overpaying their taxes by overlooking money-saving [...]
about 1 month ago
I loved this article!!! Thanks!