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Who can deduct car expenses?

2019 – 08/05 Who can deduct car expenses on a tax return? Business owners and self-employed persons who use their cars for business may be able to deduct car expenses, the IRS reminds us. But if a car is used both for business and personal purposes, the expenses must be split based on mileage. There…

When do payments become revenue?

2019 – 08/06  You’ve received a $10,000 payment from a customer. Does that mean your revenue for the month has increased by $10,000? Can you immediately describe that $10,000 as revenue if you are applying for a loan or discussing a possible sale of your business? This is the crux of revenue recognition – when do…

The IRS is targeting business transactions in bitcoin

Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just announced that it is targeting virtual currency users in a new “educational letter” campaign. The nuts and…

What is Your Tax Filing Status?

2019 -07/26 Taxpayers generally don’t think about their tax filing status until it’s time to file. But you should be aware of it through the year, especially if there’s a change. Your filing status determines your filing requirements, standard deduction, eligibility for certain credits and the correct amount of taxes. Changes that may affect your…

Tax Tip: How to Lower Your AGI

2019 – 07/31 Managing the amount of tax you’ll owe for this year may require thinking about tax issues now, long before it’s time to file. One aspect that affects your tax bill is your adjusted gross income (AGI). The higher your AGI, the higher your tax rate. In a Tax Tip, the IRS offers…

6 New IRS Compliance Campaigns

2019 – 08/01 The IRS’s Large Business and International division (LB&I) has announced six new compliance campaigns. The compliance campaigns target the S corporation built-in gains tax, post offshore voluntary disclosure compliance, expatriates, high-income nonfilers, erroneous refundable credits of U.S. possession filers, and deferred compensation. In January 2017, the IRS announced a new audit strategy…

Take a closer look at home office deductions

Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, if you meet the tax law qualifications. Under the Tax Cuts and Jobs Act, employees can no longer…

Taking a long-term approach to certain insurance documentation

After insurance policies expire, many businesses just throw away the paper copies and delete the digital files. But you may need to produce evidence of certain kinds of insurance even after the coverage period has expired. For this reason, it’s best to take a long-term approach to certain types of policies. Occurrence-based insurance Generally, the…

Run your strategic-planning meetings like they really matter

Many businesses struggle to turn abstract strategic-planning ideas into concrete, actionable plans. One reason why is simple: ineffective meetings. The ideas are there, lurking in the minds of management and key employees, but the process for hashing them out just doesn’t work. Here are a few ways to run your strategic-planning meetings like they really…

Divorce and 2019 tax returns

2019 – 07/23 Divorcing or separating taxpayers need to be aware of how the breakup of a marriage may affect their 2019 tax returns. The tax treatment of alimony and separation payments changed for divorce and separation agreements that occurred (or, in some cases, were modified) after 2018. Prior to the Tax Cuts and Jobs…

Tips to apply for tax-exempt status

2019 – 07/17 The IRS has issued tips for organizations that want to apply for tax-exempt status. Groups seeking to obtain 501(c)(3) tax-exempt status must use a Form 1023-series application. One tip for applicants: A group applying for this exemption generally must notify the IRS within 27 months from the date it was formed. Another…

Retirement Plan Filing Deadline

2019 – 07/19 Reminder for employers: The Retirement plan filing deadline is coming up. July 31 is the deadline for employee benefit plans, such as pension, profit-sharing and stock bonus plans, to file a Form 5500 series form for calendar year 2018. A one-time extension of time to file a Form 5500 series return for…

The 1-2-3 of B2B marketing

Does your business market its products or services to other companies? Or might it start doing so in the future? If so, it’s critical to recognize the key differences between marketing to the public — or even certain segments of the public — and business-to-business (B2B) marketing. Whereas wide-scale marketing campaigns generally need to be…

Where’s My Refund?

2019-07/10 Taxpayers who got an extension and recently filed their 2018 tax returns may be spending their summer days waiting for a refund to appear. If that’s you, you can easily check the status of your refund on the IRS.gov “Where’s My Refund?” page: http://bit.ly/2w6gbp0.  Or use this IRS app: http://bit.ly/2BTAVhB.  You’ll need your Social…

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