Many self-employed taxpayers are booking trips now in an effort to reenergize their business opportunities. Good news: If you meet certain requirements, you can write off the bulk of your travel costs, even if you “mix in a little pleasure” with your business. Background: Generally, you can deduct business travel expenses away from home if the [...]
One of the first and most frequent questions that tax preparers hear each year from their clients is: When will I get my tax refund from the IRS? We have the answer (estimated) in a simple chart below. The tax reform law that took effect in early 2018 will still have an effect on many Americans, with [...]
Small business owners, have you ever asked yourself the following questions: Should I Incorporate or form an LLC? Should I form a C-Corp or an S-Corp? Which business structure will get me the most tax savings? And what about annual report filings? When and HOW do I file those? And how do I keep my company [...]
Recently the Wisconsin Department of Workforce Development posted the following statement concerning independent contractors: The integrity of the Trust Fund is important to the Department. A key to maintaining that integrity is ensuring all employers properly classify employees, report wages and pay their unemployment tax contributions as well as other state and federal employment taxes when [...]
Fixed assets: should your business purchase them this year? Bonus depreciation is a tax incentive that allows small- to mid-sized businesses to take a first year-deduction on purchases of qualified business property in addition to other depreciation. How bonus depreciation works Generally, the point of depreciation is to spread out the cost of fixed assets [...]
With the new tax laws claiming to be easier to prepare tax returns, do you think you are ready to prepare your own return? If you answered yes, do you know where to start and which software you will need? If you want to file using one of the various free software’s available but not sure where [...]
THE IRS IS NOT ALWAYS RIGHT by Kimberly Wenzel, EA Everyone knows that the IRS sends out letters to taxpayers every year indicating that something was wrong with the tax return that was filed. The most common is the CP2000 letter. These letters normally infer that there is a large tax balance due because of errors [...]
2019 Standard Mileage Rate by Michael M. Sargent The optional standard mileage rates for business use of a vehicle will increase significantly in 2019 per the IRS announcement of Dec 14, 2018. For business use of a car, van, pickup truck, or panel truck, the rate for 2019 will be 58 cents per mile up from 54.5 [...]
By: Debra Rogers, Tax Management & Financial Horizons Staff Several years ago, as I was entering W-2 data for a tax return of a single person, I noticed the withholding just didn’t look right. I didn’t say anything right away as I wanted to see how things would play out after entering deductions and credits. However, [...]
