The Tax Horizon – What’s on the Agenda
Ever wonder what’s in play as far as taxes go so you can plan ahead? The Treasury Dept. released the "General Explanations of the Administration's Fiscal Year 2013 Revenue Proposals," better known as the "Greenbook.” I find it interesting that Treasury refers to our tax dollars as revenue, like they earned it. You will find [...]
Road Remains Bumpy For Business Taxation
The 2011 year started with a lot of talk about tax reform to spur the economy, create jobs, and promote investment and capital spending. However, no meaningful changes happened and probably will not until after the 2012 election. The Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010 extended some 2011 tax [...]
Are You an IRS Audit Target?
Your chance of getting audited is about 1%. A recent Kiplinger Tax Letter identified what draws IRS attention: Making over $200,000 Failing to report all of your taxable income–W-2s, 1099s, K-1s, etc. Taking a large charitable contribution deduction Claiming a home office deduction Claiming rental losses Deducting business meals, travel and entertainment [...]
Name Change? Notify IRS and Social Security Administration
Have you changed your name recently due to marriage, divorce or other reasons? If so, you need to notify the Social Security Administration on Form SS-5. If you don’t it may complicate things with the IRS. Need more information? Check out Tax Tips on the IRS Website relating to Five Tips for Recently Married or Divorced [...]
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 [...]
