Do you have to GIVE OUT a Form 1099 MISC? File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year at least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments or, generally, the … Read more »
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 »
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 »
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 »
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 »
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 »
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 »
All taxpayers are potential subjects for an audit. The IRS supposedly uses a secret method to identify returns for audits. However, there are some situations that seem to “flag” an audit more than others. Keep an eye on these types of deductions on your next tax filing for your business. If you keep the red … Read more »
Did you receive a notice from the IRS this year? Every year the IRS sends millions of letters and notices to taxpayers but that doesn’t mean you need to worry. Here are eight things every taxpayer should know about IRS notices – just in case one shows up in your mailbox.