Do you Know That you Can Claim Casualty and Theft Losses On your Personal Tax Return? Many people are not aware, and thankfully so, that in some instances the IRS will give a tax deduction for casualty, theft, and disaster losses relating to a home, household items, vehicles, and other tangible personal property owned by [...]
Are You Planning To Incorporate a Business! Why Not an S-Corporation? When you are planning to start a company, one of the key considerations you will have to make is what type of business entity to form. There are so many options: Corporation LLC Partnership LP LLP, etc. Then, within corporations there are different types [...]
Are You Aware That IRS Penalties Can Be Reduced? Each year the IRS assesses millions of penalties against taxpayers. Most taxpayers are unaware that post-assessment the IRS also abates many of those same penalties. During fiscal year 2013 the IRS assessed 37 million penalties against taxpayers. The IRS later abated about 5 million of those [...]
What about Gifts from Foreigners in your Tax Returns? December is a time when we think of gifts, both giving and receiving them. If you are a U.S. person who received foreign gifts of money or other property, you may need to report these gifts on Form 3520, Annual Return to Report Transactions with Foreign [...]
Choosing a Better Business Structure Of all the choices, you make when starting a business one of the most important is the type of legal organization you select for your company. This decision can affect how much you pay in taxes, the amount of paperwork your business is required to do, the personal liability you [...]
Tax Avoidance is Legal; Tax Evasion is a Crime As an individual taxpayer and as a business owner, you often have more than one way to complete a taxable transaction. Tax planning evaluates various tax options to determine how to conduct business and personal transactions in order to reduce or eliminate your tax liability. Although [...]
Income Tax Accounting for Trusts and Estates Tax Filing Estates and non-grantor trusts must file income tax returns just as individuals do, but with some important differences. For one, their income is taxed at either the entity or beneficiary level depending on whether it is allocated to principal or allocated to distributable income, and whether [...]
Small Business Corporations – Be Careful with Your Deductions! Tax Filing It is learnt that IRS will soon shift its audit focus from Large Corporations (C-Corps) to Small Business Owners (S-Corps/Partnerships/Independent Contractors), especially Pass-Through Entities. Pass-Through Entities are the entities in which the Entity does not pay any tax but the members of such entities [...]
