When can Business Meals be a Tax Deduction

Did you know that Business MEALS can be 0% or 50% or 100% tax deductible? First, MEALS can be deducted as a business expense only if they are directly related to the business. There must be valid business purpose to the meal for it to be a deductible expense. Also, if a meal is considered … Read more »

NEW Information about your Business Reported to the IRS

In 2011, the IRS is receiving additional information about your Business that they did not receive before. First, all third party payers are required to report to the IRS how much money they paid to your business. A third party is for example a debit or credit firm such as PayPal. This allows the IRS … Read more »

IRS Reminds Parents of Ten Tax Benefits

Your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things the IRS wants parents to consider when filing their taxes this year. Forms and publications on these topics … Read more »

Ten Facts about Mortgage Debt Forgiveness

If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.

Five Important Facts about Dependents and Exemptions

When you prepare to file your tax return, there are two things that will factor into your tax situation: dependents and exemptions. Here are five important facts the IRS wants you to know about dependents and exemptions before you file your 2009 tax return.

Five Facts about the Home Office Deduction

With technology making it easier than ever for people to operate a business out of their house, many taxpayers may be able to take a home office deduction when filing their federal tax return. Here are five important things the IRS wants you to know about claiming the home office deduction. If you are not … Read more »

Abusive Home-Based Business Tax Schemes

Introduction The IRS is providing information about abusive Home-Based Business schemes to help taxpayers avoid the pitfalls of these schemes: Taxpayers involved in one of these schemes should correct any improper tax return filings. Background Most taxpayers with small businesses accurately report their income and expenses. However: Taxpayers should beware of claims that are too … Read more »

Ten Tips for Taxpayers Making Charitable Donations

Every year, millions of taxpayers itemize their deductions on their federal tax return. One of the most common itemized deductions is a donation made to a charitable organization. Here are the top ten things the IRS wants every taxpayer to know before deducting charitable donations. 10. An appraisal generally must be obtained if you claim … Read more »

The IRS’ 20 Questions for Independent Contractors

Are you Really an Independent Contractor? Independent contractors who don’t know about — or who ignore — the relevant aspects of current contractor tax law are endangering their own livelihood and pose a significant threat to companies. The IRS is currently funding California’s Employment Development Department (EDD) to conduct twice as many independent contractor-related corporate … Read more »