CHARITABLE GIVING-YEAR END STRATEGIES

Below are some helpful tips to reduce your taxes while helping a well-deserved charitable organization.   Contributions are deductible in the year made. Thus, donations charged to a credit card before the end of the year count for that year. This is true even if the credit card bill isn’t paid until the next calendar year. Also, checks count for this year as long as they are mailed this year and clear, shortly thereafter.   Check that the organization is qualified. Only donations to qualified organizations are tax-deductible. IRS Publication 78 lists most organizations that are qualified to receive deductible contributions. In addition, churches, synagogues, temples, mosques and government agencies… Read More

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Has your business growth plateaued?

Do you feel that you have plateaued in your business? Can’t seem to reach that next level of growth? I know that feeling all too well, guys! I learned that solid growth in business does not happen by accident.  It takes honest analysis, planning, and execution.  We are indeed big dreamers; otherwise we would never have ventured into small business ownership, but solid growth takes planning, too. Realistic goal-setting allows an owner to judge performance over time and make changes when necessary to achieve intended goals. Although a small business might have experienced a phenomenal growth curve in the past with excellent execution, it cannot automatically be assumed that the… Read More

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Innocent Spouse Tax Relief-Do You Qualify?

Often in divorce we rarely consider the possible consequences of filing joint returns. Maybe when you signed tax returns, you may have not been privy to certain information. Perhaps the former spouse underreported income, or claimed false deductions unbeknownst to you. After your divorce you started receiving notices from the IRS for joint tax returns.  Although you had no knowledge, the IRS can enforce collections from both parties involved.  In such a case, you may want to apply for innocent spouse relief if your former spouse understated taxes while you were both married. Understatement of taxes is derived from underreporting income, or false deductions or credits. To qualify you must… Read More

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Has It Been Years Since You Filed a Tax Return?

You have not filed your taxes in years and the situation worsens as time goes by-feelings of dread and fear consume you. There is a good chance that you may be due a refund; however, you must request a refund within three years of the due date of the return. Another key point for filing those tax returns; the IRS ten year statute of limitations for collections. In other words, the tax balance will disappear after ten years if there are no other legal actions to toll the statute such as bankruptcy. However, the statute does not commence until tax returns are filed. The first step is to contact an… Read More

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AIRBNB- How does being a “host” impact your income taxes?

How does renting a room in your house or an entire apartment impact your income taxes?  It is important to keep good accounting records in order to minimize your taxes at the end of the year, While on vacation this year I decided to try Airbnb. Airbnb is a company that provides the platform for individuals (hosts) to rent rooms in their home or entire apartments mainly to travelers. Airbnb rates are typically lower than most hotels. The most intriguing aspect to me was the opportunity to interact with the locals which in my opinion adds to a traveler’s most authentic traveling experience. Of course, the accountant in me surfaced… Read More

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Choosing a Tax Resolution Service

Evaluating Tax Resolution Services Nobody likes paying taxes. In fact, if there were a way for most of us to avoid it, we would. Plenty of surveys have shown that a large percentage of people cheat on their income taxes, and would do so even more if they knew they wouldn’t get caught. The trouble is you can’t get away with it for long. Sooner or later the IRS will catch up with you. When that happens, you’ve got a couple of options. One is to simply plead guilty and throw yourself on the mercy of the court. How this comes out, however, is wholly dependent on your agent, and… Read More

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