Most people can claim an exemption on their tax return. It can lower your taxable income. In most cases, that reduces the amount of tax you owe for the year. Here are the top 10 tax facts about exemptions to help you file your tax return. 1. E-file Your Tax Return. Easy does it! Use IRS … Read more
The Internal Revenue Service today simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain “an applicable financial statement” (i.e., don’t regularly produce audited financial statements). It applies to amounts spent to acquire, … Read more
You need in-house counsel when calling your outside counsel becomes inefficient. Maybe you are spending too much on fees and having an employee makes more sense. Or maybe your business is growing and you just need a trusted counselor to talk to whenever issues arise. There are many reasons that you might want a lawyer on hand. But of … Read more
Here are some tips students should know about summer jobs and taxes: Visit IRS.gov for more about the tax rules for students.
Here is a brief summary of some of the tax and estate planning benefits now available to same sex couples in all states. Income taxes. Married same-sex couples can now file joint state income tax returns, which typically leads to a lower tax liability than filing two individual returns. This applies retroactively to open year tax … Read more
Consumers should be skeptical of those free apps that promise something for nothing as this recent FTC case illustrates. Business owners need to remember to make sure the claims about a product which are presented as statements of fact, such as “malware free”, “spyware free”, etc. are truthful to avoid claims of deceptive practices from … Read more
Crowdfunding has become a popular way to raise capital in a broad range of fields. The tax treatment of the contributions is not always clear, and the IRS has yet to directly rule on the subject. This blog post examines a number of the federal tax questions that may arise for both the contributor and … Read more