Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning
It’s “Corona” Time
Do you remember the old Miller High Life beer commercials? People are sitting around and the mellow voice comes on “here’s to good friends, tonight is something special…” Well, for many businesses it is now “Corona time.” Businesses that use to pride themselves on...
Home Office Deduction for your Business
DO YOU RUN YOUR BUSINESS FROM HOME? YOU MIGHT BE ELIGIBLE FOR HOME OFFICE DEDUCTIONS If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct...
File Your Tax Return Early to Lessen Identity Theft
Restaurant Owners may receive a Tax Credit for Employee Tip Income
DO YOUR EMPLOYEES RECEIVE TIPS? YOU MAY BE ELIGIBLE FOR A TAX CREDIT Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving the Social Security and Medicare (FICA) taxes that you...
International Tax laws may get changed to help US businesses.
Here is a great article I read on Reuters Tax News today. Hopefully, there will be an overhaul of international taxation to be less punitive for US business. Global deal over digital tax eludes France, U.S. in Davos talks By Leigh Thomas, Richard Lough and Luke Baker...
Mileage deduction decreases to $.575 per mile
CENTS-PER-MILE RATE FOR BUSINESS MILES DECREASES SLIGHTLY FOR 2020 This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might...
What Landlords need to know about US Income Taxes
Do-it-yourselfer loses US Tax Court case for offer in compromise
Instead of hiring a tax lawyer to help him fight the IRS, Matthew Banks decided that a simple Google search is good as a tax law degree! The US Tax Court disagrees and kicked out his appeal when the IRS denied his requested offer in compromise. In Banks v Commissioner...
New Tax Law gives some breaks to Businesses
NEW TAX LAW PROVIDES A VARIETY OF TAX BREAKS TO BUSINESSES AND EMPLOYERS While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further...