Business owners: When it comes to IRS audits, be prepared

Business owners: When it comes to IRS audits, be prepared If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the … Continued

Wedding Bells and Taxes: Tax Issues to Consider Before Tying the Knot

Summer — the traditional wedding season — is just around the corner. Marriage changes life in many ways. Here’s how it may affect your tax situation. Marital Status Your marital status at year end determines your tax filing options for the entire year. If you’re married on December 31, you’ll have two federal income tax … Continued

Financial Survival Tips for Recent College Graduates

  The Boomerang Generation Even if they already have a full-time job, recent graduates are increasingly choosing to live with their parent(s) or grandparent(s) to save money. But financial dependence is rarely the sole reason for “boomeranging” home. Instead: ·  Young people are waiting longer to get married compared to previous generations. Without a fiancé … Continued

10 Simple (and Fun) Ways to Cut Taxes This Summer

  It’s already starting to feel like summer in many parts of the country. But the forecast for Washington remains unclear as officials continue to discuss various tax-related issues. No matter what happens in Washington, don’t get stuck in a holding pattern yourself. Give some attention to business and personal tax planning this summer. Here … Continued

Real estate investor vs. professional: Why it matters

Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward. Of … Continued

Operating across state lines presents tax risks — or possibly rewards

Operating across state lines presents tax risks — or possibly rewards It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much … Continued

Protect Your Most Prized Possessions

One of the most costly – yet easily prevented – disasters for any business is the failure to secure ownership of intellectual property (IP). Unless you take the proper legal steps, you could find that your company doesn’t own its most prized possessions. Here are the details you need to know. Under the law, the … Continued

The Ins and Outs of Deducting Legal Expenses

Legal expenses incurred by individuals are typically not currently deductible under the federal income tax rules. Instead, they’re most often treated as either personal outlays (which are nondeductible) or as part of the cost of acquiring an asset, such as real estate.   In the latter situation, legal costs usually aren’t deductible right away; instead, … Continued

Establishing Residency for State Tax Purposes

Have you been contemplating moving to another state with lower taxes? Your move could lower your state tax bill, but you want to make sure to establish that the new state is your place of legal residency (also known as your “domicile”) for state tax purposes. Otherwise, the old state could come after you for … Continued

International Tax Monthly – May Issue

                OECD Issues International VAT/GST Guidelines The Organizsation for Economic Co-operation and Development (OECD) released guidelines on applying Value Added Tax (VAT) and Goods and Services Tax (GST) to international trade transactions. Officially called the Recommendation of the Council on the Application of Value Added Tax/Goods and Services Tax to the International Trade in Services … Continued