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Tax Tips for New Businesses

2019 – 08/29 Are you starting a new business? That can be both rewarding and overwhelming. The IRS has issued some tax tips to help you get off to a solid start. A primary decision you’ll need to make is which business structure to use, including sole proprietorship, partnership, corporation, S corporation, or Limited Liability…

Create an Emergency Preparedness Plan

2019 – 08/30 Be prepared for a disaster. With Hurricane Dorian approaching the East Coast of the United States, it’s a good time to make sure to create or update an emergency preparedness plan. The IRS reminds taxpayers to secure and duplicate essential documents, create lists of property and know where to find information if…

New Phishing Scam

2019 – 08/23 The IRS announced it has detected a new phishing scam involving unsolicited emails from IRS imposters. Subject lines on the phony emails include “Automatic Income Tax Reminder” or “Electronic Tax Return Reminder.” However, the wording is changing as the scam spreads across the nation. The emails have links that show an IRS.gov-like…

Employer Tax Credit

2019 – 08/26 Attention employers! You may be able to reduce the tax you owe with a valuable credit. It’s called the employer credit for family and medical leave. Among other things, to be eligible, you must have a written policy that meets certain requirements and provide at least two weeks of paid family and…

The tax implications of a company car

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) Even better, recent…

4 tough questions to ask about your sales department

Among the fastest ways for a business to fail is because of mismanagement or malfeasance by ownership. On the other hand, among the slowest ways is an ineffective or dysfunctional sales department. Companies suffering from this malady may maintain just enough sales to stay afloat for a while, but eventually they go under because they…

Surviving Spouse who Inherited an IRA

2019 – 08/15 Are you a surviving spouse who inherited an IRA? The beneficiary of a deceased spouse’s IRA must decide whether to roll it over into his or her own IRA, or leave the IRA in the deceased spouse’s name. Advantages to making the spousal rollover or election are that spouses, over age 59…

First-time Home Purchase? IRA vs 401(k)

2019 – 08/16 Generally, amounts withdrawn from an individual retirement account (IRA) before age 59-1/2 are subject to an additional 10% tax. Exceptions exist, including when the funds are used for a first-time home purchase. One taxpayer took a distribution to purchase her first home, but the IRS applied the 10% tax. The distribution was…

Home Office Deductions

2019 – 08/13 Taxpayers who use their homes for business may qualify to claim home office deductions on their tax returns. To determine if you’re eligible, here are several points to keep in mind. The home office deduction is available to both homeowners and renters. The home must be your principal place of business. Deductible…

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