IRS Tax Planning Ideas, Tips & News

ENERGIZE YOUR TAX RETURN – WITH RESIDENTIAL & NON-BUSINESS ENERGY TAX CREDITS While politicians say that they are energy conscious, the tax credits associated with home improvements comes and … [Read more...] about ENERGIZE YOUR TAX RETURN – WITH RESIDENTIAL & NON-BUSINESS ENERGY TAX CREDITS

Starting a new business has many challenges. One of the more significant challenges is generating sufficient cash flows to sustain the business. Working with an experienced tax professional for tax … [Read more...] about HOBBY VS. BUSINESS – PROFIT MOTIVE NEEDED

One of the most significant issues facing S Corporations is whether they pay their shareholder-employee(s) a reasonable compensation. Unfortunately there is no definition of “reasonable compensation” … [Read more...] about HOW TO AVOID IRS ASSESSMENTS – S CORP SHAREHOLDER-EMPLOYEE NEEDS TO BE PAID A REASONABLE COMPENSATION

Every tax season we hear a familiar question: “Why didn’t my employer withhold enough federal income taxes from my paycheck and what can I do about it?” Why am I subject to underwithholding … [Read more...] about Why IRS Form W-4 Results in Underwithholding of Taxes

We continuously see new clients who had been using a tax preparation software package to prepare their personal tax returns and discover that preparation errors have been inadvertently made by the … [Read more...] about IRA 60-DAY ROLLOVER DEADLINE MISSED – TAXPAYER, NOT BANK, IS HELD RESPONSIBLE

Apparently, not all IRS employees believe in proper tax planning and tax preparation. A former IRS supervisory and group manager has been fined $20,000 and sentenced to a year in prison, followed … [Read more...] about IRS AGENTS – SAD BUT TRUE STORIES