Earlier this year, hackers became famous for the Equifax breach, one of the three national credit reporting agencies. More than 143 million Americans – nearly half the entire country – were exposed to the attack, and may have had their personal information stolen (including names and birthdates, and Social Security and driver’s license numbers). Equifax …
Author: Katie Rocke
Your chances of being audited are probably lower than you think. A look at the latest IRS statistics for 2016 reveals some interesting and reassuring facts about the risk of an IRS audit. Audits are becoming less common. The number of individual tax returns the IRS audited fell to a 12-year low last year, to …
This year’s April 18 tax deadline has come and gone, but not everyone has filed a 2016 tax return. Many taxpayers who should file simply do not. Common culprits are older, retired parents, and young adults who are new to tax filing requirements. Here are just a few reasons these taxpayers should consider filing a …
What You Need To Know About Form 1099 Filing Requirements The IRS works constantly to improve income reporting by taxpayers. One tool they employ is requiring businesses to file information returns that tell the IRS about amounts the business paid out that should be reported by the recipients as income. Probably the most familiar of …
When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of attractive tax breaks. Save for retirement. When you’re self-employed, you’re allowed to set up a retirement plan for …
IRS Ignores Extensions! The IRS recently announced that it may “ignore” your extension if you filed “zero tax due” on your extension and later owed tax when you prepared the tax return. Starting in 2015, this office will no longer file “zero extensions” for clients who owed money in 2014 unless you make a reasonable …
Be sure to not pay tax on nontaxable income! Here are the most common sources of money that are not taxed on your federal income tax return: Borrowed money, such as from banks or personal loans. Money received as a gift from family or friends. Money inherited may be taxable such as retirement accounts; Others …
One of the first decisions you face as a new business owner is whether or not to incorporate the business. The biggest advantage of incorporating is limitation of your liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not …
There is an almost endless list of things to do when you start a new business. Here are some tax tips and ideas to get you started: Write a business plan. Consider location issues. Decide on the legal form of entity for the business. Get necessary licenses. Register with tax authorities. Involve your advisors. Business …
You’re probably getting ready to sort out last year’s financial records and prepare for this year’s record keeping. But what should you keep and what can you throw away? Here are some suggestions. Keep records that directly support income or expense items on your tax return. For income, this includes W-2s, 1099s, and Form K-1s. …