Misclassifying Workers Can Be Costly!
Misclassifying Workers Can Be Costly! Hiring independent contractors instead of employees can save a lot of money in employment taxes and employee benefits. And it can be a mine field of tax problems...
View ArticleAre You Liable for a Gift Tax Return?
Are You Liable for a Gift Tax Return? Frequently, taxpayers think that gifts of cash, securities or other assets they give to other individuals are tax-deductible and, in turn, the gift recipient...
View ArticleIs It a Business or a Hobby?
Is It a Business or a Hobby? The distinction between a business activity and a hobby is not a black-and-white issue but instead comes in various shades of grey, which makes it a frequent topic in tax...
View ArticleTips for Year-End Giving
Tips for Year-End Giving Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these...
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To File or Not to File
A frequent question asked is whether or not an individual needs to file a tax return. There are two issues associated with this question: Is there is a requirement to file? Should the taxpayer file...
View ArticleIt’s Tax Time! Are You Ready?
If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but...
View ArticleHome Foreclosure and Debt Cancellation
Update Dec. 11, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through...
View ArticleIRS Audits
Watch our video series, Your Guide to an IRS Audit. The video series follows three taxpayers through the steps of an audit, from audit notification to audit closing, illustrates key points and answers...
View ArticleDependents & Medical Expenses
Medical expenses paid for dependents may be deducted. To claim these expenses, the person must have been a dependent either at the time the medical services were provided or at the time the expenses...
View ArticleBusiness Tax Preparation Documents
Client full name, address, phone number(s), Federal Employer Identification Number (FEIN), list of partners/corporate officers (along with personal information such as addresses, phone numbers and...
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