If you have not yet filed your 2015 tax return and have a refund coming, time is running out! There is no penalty for filing a late return that qualifies for a refund! The IRS estimates over a million Americans fail to file a tax return every year. By not filing, many of these people […]
5 Fall Projects to Refresh Your Financial Results
As we move into the fall season and the final quarter of the year, it’s a perfect time to commit to a project in your business that will help you reach the year’s end in better shape. Here are 5 ideas: Back-to-School Time If payroll expenses are one of the higher costs in your business, […]
Most Overlooked Tax Deduction
Article Highlights: What Is IRD? Why Is There an IRD Deduction? How to Recognize If One Exists What to Do If an IRD Deduction Is Suspected One of the most overlooked tax deductions is what is referred to as the IRD deduction. IRD is the acronym for income in respect of a decedent. So what […]
Hobbies and Income Tax
Article Highlights: Hobby, Trade, or Business Profit Motive Factors Determining Profit Motive Presumption of Profit Motive Tax Treatment of Hobbies Millions of U.S. taxpayers engage in hobbies such as collecting stamps or coins, refurbishing old cars, making crafts, painting or breeding horses, and the list goes on. Some hobbies will actually generate income, and some […]
Did You Collect the Needed W-9s?
Article Highlights: The IRS Form W-9 is used to obtain independent contractors’ tax ID numbers. Tax ID numbers are required when filing 1099s. 1099-MISCs must be issued to independent contractors that are paid $600 or more during the year for performing services for a trade or business. If you used independent contractors to perform […]