Month: January 2017

10 Things To Know About Taxes On Legal Settlements

Your car got rear-ended at a red light. Your contractor did shoddy work on your condo. You were unfairly fired. If you'’re collecting a settlement or [...]

New Due Date for FBARs

The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15.  This date change was [...]

MyTaxFranchisor Launches New Franchise Opportunities: MyTaxFiler and myStartupCFO

MyTaxFiler and myStartupCFO have joined hands with MyTaxFranchisor to provide exciting franchise opportunities for enterprising individuals to help them [...]

Are Gifts to Your Spouse Taxable? It Depends

Are gifts made to your spouse subject to the federal gift tax? Like a lot of questions regarding taxation, the answer is, "It depends." A gift to your spouse [...]

IRS Warns of New Scam – the Federal Student Tax

The Internal Revenue Service has issued a warning to taxpayers about bogus phone calls from IRS impersonators demanding payment for a non-existent tax, the [...]

Wages Paid to Children

Business deductions are allowed under IRC section 162(a) when they are ordinary and necessary expenses paid or incurred in carrying on a trade or business. The [...]

Does Rent Paid to a Corporation Qualify for a 1099?

Corporations, as separate legal entities, can deduct most of what they pay for outsourced functions, including space costs, as a legitimate business expense. [...]