IRS Tax Planning Ideas, Tips & News

One of the more common tax preparation questions is “How much can I write off for my automobile used for business purposes so that I may maximize my tax planning?” The IRS announced (IRS Notice … [Read more...] about IRS ANNOUNCES THAT 2014 STANDARD MILEAGE RATES HAVE DECREASED FROM 2013 RATES

As the 2013 Thanksgiving, Hanukkah, and Diwali holidays have passed and the Christmas, Kwanzaa and New Year holidays are upon us, let’s hope that Washington D.C. and our state legislators will … [Read more...] about TAX HOLIDAY

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