Business Thief

Businesses aren’t immune to tax identity theft Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data. How it works In…

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Mixed Use Rental

You might save tax if your vacation home qualifies as a rental property Do you own a vacation home? If you both rent it out and use it personally, you might save tax by taking steps to ensure it qualifies as a rental property this year. Vacation home expenses that qualify as rental property expenses…

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Entrepreneurs, sole-proprietors, shareholders of S corporations, partners in partnerships, and members of LLCs, as well as certain employees with wages may need to make quarterly estimated tax payments to avoid paying interest and penalties.  If it stands that you will owe more than $1,000 when you file your individual income tax return, then to avoid…

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Business Meals

Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. A critical requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or…

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Limited liability company (LLC) members that operate a “professional services” company registered in California are at risk of losing liability protection, paying penalties and interest, having to amend prior year tax returns, losing their company name and paying more administrative and accounting fees which could include adjustments to payroll and payroll tax returns. Ouch! LLCs…

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Volunteer

What can you deduct when volunteering? Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case. Donations of time or services aren’t deductible.…

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Solar Credits

                “Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install…

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There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup of health care accounts. HSAs If you’re covered by…

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