On March 11, 2015, the IRS announced they were holding on to more than $1 Billion of refunds for people who have not filed a 2011 tax return. If they did not file a 2011 tax return by April 15, 2015, then those people lost their tax refund. There is a statute of limitations for claiming a refund. If you are in this situation, there are forms you can file to get your refund prior to the statute expiring. Continue reading…
7 Tax Tips for Newlyweds
Wedding season is upon us all. Most newly married couples do think about changes in their tax status. Here are a few tax tips to consider. Continue reading…
The Truth About Medical Deductions
Medical and dental costs can be tax deductible. However, most people don’t realize that you need to pay a large amount of out-of-pocket medical costs to get a tax deduction. Continue reading…
Claiming Child Tax Credit
The Child Tax Credit is a substantial credit for parents with children. The Child Tax Credit is $1,000 for each qualifying child reported on your IRS tax return. That is $1,000 going right back into your pocket. Continue reading…
Dealing with Divorce and Taxes
Getting a divorce is a stressful and complicated situation. Taxes are one of the complications. I will review a few of the common tax considerations when you are legally divorced or your divorce is pending. Continue reading…
What is a Limited Liability Company (LLC)?
In our previous blogs we reviewed Corporation and Doing Business As (DBA) business structures. This blog is on Limited Liability Companies (LLC).
What is a Doing Business As or DBA?
In our previous blog titled “Corporations” we reviewed the Corporation business structure. The next blog will review limited liability company (LLC). This blog is on Doing Business As (DBA).
What is a Corporation?
In our previous article blog “Set Up a Business for Liability Protection” we reviewed liability protection with corporations and limited liability companies (LLC). In upcoming blogs we will review doing business as (DBA) and limited liability company (LLC). This blog is on corporations.
Set Up a Business for Liability Protection
We get asked all the time. How do you set up a business? Do you need to file anything? Do you have to register the business? What type of business do you recommend? We will tackle these questions in a multi-part series reviewing the different business types: doing business as (DBA), limit liability company (LLC), and corporation.
IRS Home Office Tax Deductions
Claiming IRS home office tax deductions increases your chances of an IRS audit. Is that true? In our experience, the answer is generally no. If you run your business out of your home and maintain a home office, then you should take your deductions. There is no reason to leave money on the table. Especially to the IRS! The first step for claiming home office deductions is to understand the rules.