Browsing Tag

IRS

Renting Out Your Property? Prep For Tax Traps

There are many things to consider, including tax traps, when you decide to rent out your vacation property There’s money to be made when renting out your property, but beware of tax traps. Depending on a number of factors,…

Finally! A New Home Office Tax Deduction

Take advantage of a new law for simplified home office tax deduction. There's good news for small-business owners who keep home offices and wanted to take advantage of the home office tax deduction when filing their taxes.…

8 Tax Tips for the 2012 Filing Season

Avoiding procrastination, understanding deductions and filing on time will make for a less stressful tax season It’s that time of year many of us tend to dread. Tax season. It can be stressful and cause some sleepless nights.…

Tax Deductions That Survived After 2011

Here are six provisions to help filers of 2012 returns Thanks to the passage of the American Taxpayer Relief Act of 2012 (ATRA), many tax provisions that expired in 2011 were retroactively extended (or made permanent) and are…

10 Tips to Help You Choose a Tax Preparer

Choosing a trustworthy professional makes all the difference for your tax return. February is usually the time when we start looking for help from tax professionals to file our tax returns. When using a paid tax preparer to…

Was the Fiscal Cliff Averted?

The American Taxpayer Relief Act of 2012 represents a mixed bag for small businesses and individuals Are you as sick of the words “fiscal cliff” as I am? Better yet, do you really believe that the new law has saved us from it? After…

10 Business Tips For A Less Taxing Filing Season

Preparation, organization and forethought will ease small business challenges at Tax Time Tax filing can be daunting for any small business but it doesn’t have to be. During my tenure at the IRS I’ve recommended the…

New IRS Rules On Hurricane Victims & Retirement

401(k) and similar employer-sponsored retirement plans can make loans and hardship distributions On November 16, 2012, the Internal Revenue Service issued Announcement 2012-44 in an effort to bring relief to those people…

When Disaster Strikes Small Business

Put your customers' well-being first by extending a sincere helping hand As marketers, we should have our customers' well-being as our No. 1 priority. It is a fact that without customers, you will have no sales and without sales…

Travel Expenses: What You Need to Know

Tips help small business owners determine which travel expenses are deductible according to federal tax guidelines As an individual always looking for new destinations and something new to write about while looking for new…

More Tax Changes on the Horizon

Tax laws set to change at the end of the year when the Bush tax cuts expire, leading to increased taxes on qualified dividends and other modifications Photo: Fotolia In part one of this series, I outlined the…

Deducting Business Expenses

Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit. What Can I Deduct? To be deductible, a business expense must be both…

Business Tax Essentials

Business expenses, electronic filing and other IRS tips for small and medium businesses The management and mentors of Latin Business Today will be providing a weekly column of timely topics provided by the IRS. These tax tips…

When Disaster Strikes

A Little Advance Planning Can Save a World of Trouble I will never forget that gut-wrenching Monday morning, back in the mid-1970s, when I drove into my company’s parking lot and saw the burned-out shell of a building. That was all…

Keep The IRS Happy

'Paperless Age?' Not Quite! If I had a dollar for every time a client has asked: "How long do I have to keep all of this paper?" it would be like hitting the lottery. Even in this “paperless” age, records…