Tweet WASHINGTON – The Internal Revenue Service today announced a milestone for IRS e-file – more than 122 million returns were e-filed during 2013. The statistics provided today contain complete e-file totals for 2013. This year, the IRS received more than 45.2 million returns from those who prepared and e-filed their own returns on home [...]
Tweet The head of the Internal Revenue Service’s small business unit said his division expects to move from focusing on audits of small corporations to partnerships. During a speech at the American Institute of CPAs’ National Tax Conference in Washington, D.C., last week, Faris Fink, the commissioner in charge of the IRS’s Small Business/Self-Employed Division [...]
Tweet Can a dog with an MBA deduct his tuition? Most people can’t deduct the cost of getting an MBA on their taxes. The IRS says it’s because it qualifies you for a new position. How about dogs when they get MBAs? As Professor Paul Caron notes in Dog Earns Online MBA (For $7,300), Pete [...]
Tweet It is hardly unusual for Americans to disagree with the Internal Revenue Service. What sets Lori Singleton-Clarke apart is that she challenged the formidable agency in court and won. Singleton-Clarke, a registered nurse from Bryantown, represented herself in U.S. Tax Court during her December 2008 trial. A year later, the judge issued an opinion [...]
Tweet Before you sell your company, settle a lawsuit, or experience a big cash event, you might be planning how much you’ll collect. A sale or a move may also be triggered by illness, death, job or family needs. Whatever the primary impetus for a move, taxes matter. And whatever the occasion, it’s only natural [...]
Tweet It is easy to love California, but its high taxes? Not so much. And it just got worse as California Voters Sock It To The Rich. Some will head for the exits before selling real estate or a business, taking a company public or winning a large legal settlement. Here are a few tips [...]
Tweet On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act, or as it’s affectionately or derisively known, depending on your point of view, Obamacare. Following tOn March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act, or as it’s affectionately or derisively known, depending on [...]
Tweet If you want to cut your tax bill next April 15th, start thinking about deductions now. Like it or not, get ready to crunch some numbers. It’s the only tax-wise way to figure what to buy, receive, pay, settle or deduct before the end of the year. More than in most years, a tax-wise [...]
Tweet 10 Tax Commandments? I won’t suggest taxation and religion are similar, at least not to most people. But certain tax rules are nearly inviolate, and ignoring them can bring lightning-bolt-out-of-the-sky consequences. These 10 rules may not be commandments in the biblical sense, but they are important all the same. Everything is Income. The IRS [...]
Tweet People have worried for decades that home office deductions flag their returns for audit. Yet more than half of working Americans work for a small business or own one. 52% are home-based and many have home office space. Besides, with improved technology, some businesses are going virtual and recruiting employees from across the country, [...]
Tweet The Internal Revenue Service (IRS) has allowed for the creation of tax-exempt charitable organizations. These groups manifest in one of two ways: as private foundations or as public charities. A private foundation is a non-profit charitable entity, which is generally created by a single benefactor, usually an individual or business. Using this initial seed [...]
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