Taxesq - IRS Audit and Business Tax Estate Attorney Cherry Hill NJ
24 Feb 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...
03 Feb 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...
23 Jan 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 DAVOS...
21 Jan 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 claim a lower deduction...
03 Jan 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...
31 Dec 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 Consolidated...
31 Dec New 1099MISC and 1099 NEC for 2020
2020 Instructions for Forms 1099-MISC and 1099-NEC Miscellaneous Income and Nonemployee Compensation The IRS has released the 2020 Instructions for Forms 1099-MISC (Miscellaneous Income) and 1099-NEC (Nonemployee Compensation). The 2020 Form 1099-MISC and Form 1099-NEC were released in November. Background. For the 2019 tax year (2020 filing...