3 Areas of Fraud-Proofing to Focus on For Construction
As the economy continues to challenge everyone, the motivation for some employees to steal isn’t hard to understand. Although the term “fraud-proof” may be a bit hyperbolic, it doesn’t hurt to shoot for the stars when trying to safeguard your revenue and assets. One way to divide and potentially conquer fraudsters is to focus on [...]
Avoiding a Tax Audit
Even though the Internal Revenue Service likes to present a “kinder, friendlier” image to the public, you better believe that they are not slacking off in the collection of taxes. After all, their job is to raise money for the federal government. IRS staff has actually decreased, but more sophisticated computer programs cross check items [...]
Group-Term Life Insurance
Many employers offer company-paid group-term life insurance to team members. There are no tax consequences if the total amount of such policies does not exceed $50,000. However, coverage in excess of $50,000 must be included in income, using the IRS premium table. The calculated amount is then subject to Social Security and Medicare taxes. Figure [...]
Give consideration to Domestic Production Deduction in Tax Planning
Business taxpayers can claim a domestic production activities deduction under Code Sec. 199 to offset income from domestic manufacturing and other domestic production activities. The Code Sec. 199 deduction or DPD equals 9% of the smaller of— The taxpayer's “qualified production activities income” or QPAI, for the tax year, or The taxpayer's taxable income [...]
Are you eligible to claim a home-office deduction?
Running a business from your home could save you taxes! Before you go through all of the trouble of filing out IRS Form 8829 consider whether the home office deduction is worth it or not. To help make that consideration you must pass the 4 question test: Is the home office used in a [...]
