Should You Use Bitcoin For Your Business?

Are you a business owner thinking about accepting Bitcoin as an acceptable form of payment? It makes sense considering the cryptocurrency's amazing growth since it was launched in 2009 with its very first transaction.   Bitcoin Growth In 2010, 1,000 bitcoins could...

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What You Need to Know About Tax Penalty Relief

We've received plenty of questions from clients regarding tax penalties and, more importantly, what they can do to see some relief from them on their tax returns. Whether they are penalties that apply to individuals, entities, tax-exempt organizations, etc., today's...

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Don’t Miss Out on the Earned Income Tax Credit

The Earned Income Tax Credit (EITC) is a tax benefit for working people who have low to moderate income. It provides a tax credit that is treated like tax withholding: it goes to pay an individual’s tax liability, and any excess is paid to the individual in the form of a tax refund.

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Affordable Care Act Reporting Relief for Employers

Beginning for the 2015 tax year, Applicable Large Employers (ALEs) are required to file Forms 1095-C and 1094-C with the IRS and provide a copy of the 1095-C to each of their employees. An ALE is generally an employer with 50 or more equivalent full-time employees (EFTEs) in the prior year.

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Tax Increase Prevention Act of 2014

President Obama recently signed and enacted H.R. 5771 “Tax Increase Prevention Act of 2014,” which provides a one year extension on a number of tax relief provisions in the Internal Revenue Code (IRC) that had expired either at the end of 2013 or during 2014.

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Recordkeeping Tips to Keep the IRS Away

With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors and keep the IRS away is to be aware of the most commonly encountered pitfalls. Here are some tips to help keep the proper records.

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Tax Problems and Controversies Webinar

Fight back against the IRS and avoid the pains of having your accounts levied, compounding penalties, or liens placed on your properties. Join host Toby Mathis as he talks with tax expert Eric Day, J.D., LL.M. to discuss these risks and trends related to tax problems and controversies.

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Webinar – Tax Problems and Controversies Webinar

Fight back against the IRS and avoid the pains of having your accounts levied, compounding penalties, or liens placed on your properties. Join host Toby Mathis as he talks with tax expert Eric Day, J.D., LL.M. to discuss these risks and trends related to tax problems and controversies.

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Writing Off Your Start-Up Expenses

Business owners, especially those operating small businesses, may deduct up to $5,000 of their start-up expenses in the first year of the business’s operation. This is in lieu of amortizing the expenses over 180 months (15 years).

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Failed to Report Your Foreign Financial Assets?

If you are a U.S. taxpayer who has not reported your foreign financial assets on your tax returns and you can certify that the reporting failure and nonpayment of all tax due related to those assets did not result from willful conduct on your part, you can come into compliance with the IRS by doing the following:

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Tips to Avoid Tax Penalties for 2014

Thanksgiving marks the beginning of the holiday season and the time when we begin to think about family get-togethers, holiday gift sharing and parties. But don’t overlook what comes right after the holidays: tax season. And don’t overlook a couple of things you can do now to avoid or reduce potential penalties on your 2014 tax return.

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5 Year-End Tax Planning Moves for Businesses & Business Owners

March 15 is the universally accepted date date for filing U.S. corporate returns that have a calendar fiscal year, so in order to ensure that you pay the Internal Revenue Service (IRS) the least possible amount, you need to plan your tax moves before the current tax year ends .

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Health Savings Accounts Offer Tax Breaks

A health savings account (HSA) is a trust account into which tax-deductible contributions can be deposited by qualified taxpayers who have high-deductible medical insurance plans. These accounts are set up at a bank or other financial institution. Income earned on the HSA balance is income tax-free.

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When Can You Dump Old Tax Records?

Taxpayers often question how long tax records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how long to keep records. With certain exceptions, the statute for assessing additional tax is 3 years from the return due date or the date the return was filed, whichever is later.

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Tax Benefits for Grandchildren

If you are a grandparent there are a number of things you can do to teach your grandchildren financial responsibility and set aside money for their future education and retirement.

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Tax Breaks for Charity Volunteers

If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply. The following are some examples:

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Obamacare Adds New Levels of Complexity to Tax Returns

Obamacare – or, more officially, the Affordable Care Act (ACA) – insurance mandate, along with its health insurance premium subsidies available from insurance marketplaces, premium tax credit (PTC), and penalty for not being insured, is going to affect just about every taxpayer in one way or another.

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Gambling Income and Losses – A Tax Perspective

Generally, a taxpayer must report the full amount of his recreational gambling winnings for the year as income on his 1040 return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races, and casinos, as well as the fair market value of prizes such as cars, houses, trips or other non-cash prizes.

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Getting Around the Kiddie Tax

Congress created the “Kiddie Tax” to prevent parents from placing investments in their child’s name to take advantage of the child’s lower tax rate. Kiddie Tax rules apply most often to children through the age of 17, although children aged 18 through 23 who are full-time students may also be affected. Under the Kiddie Tax, a child’s investment income in excess of an annual inflation adjusted floor amount ($2,000 for 2014) is taxed at the parent’s tax rate rather than the child’s. These rules do not apply to married children who file a joint return with their spouse.

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Can You Take a Home Office Deduction?

Generally, expenses related to the rent, purchase, maintenance and repair of a personal residence are not deductible. However, if you use part of your home for business purposes, you may be able to take a deduction for the business use of your home on your self-employed business schedule. This deduction is commonly referred to as the home-office deduction, but it need not necessarily be an “office” to qualify.

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Child Care Credit Available to Student-Parents

f your family is among the many families that incur child care expenses so that a parent can attend school, you may be eligible for a child care tax credit. Generally, the child care credit is only available to couples where both parents work, but a special provision of the tax law permits married parents attending college to also get the credit, if they meet certain criteria, even if the student-parent has no income.

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Tax Tips for the Well-traveled Businessperson

Food and lodging expenses are generally deductible when away from home for business purposes. This may be particularly beneficial for self-employed individuals who travel extensively. Like everything involving taxes, there are rules to follow.

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Misclassifying Workers Can Be Costly!

Most business owners and executives tend to be financially conservative and preserve the cash of the business. This conservative approach frequently carries over to hiring activities, with many employers choosing to hire independent contractors/freelancers as opposed to full-time employees. In doing so, they eliminate the cost of company benefits such as vacation, sick pay, health insurance and retirement funding.

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