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36 Small Business Deductions, From A to Z

36 Small Business Deductions, From A to Z Is your small business taking advantage of every tax deduction it qualifies for? Here are 36 deductions that may help your business save money on taxes. Also referred to as tax write-offs, business deductions are allowable expenses that you can use to lower your business’s taxable income. […]

How to avoid a business tax audit

You can lower your odds of a tax audit by taking certain steps with your tax return and avoiding others – you just need to be “DIF” score savvy. DIF stands for “discriminate information function,” a program the IRS uses to determine if your small business-related tax return is ripe for an audit. While DIF […]

You Can View Your IRS Account Online

The first step of tax preparation is gathering records As taxpayers get ready to file their 2020 tax return, they should start by gathering their records. Taxpayers should gather all year-end income documents to help ensure they file a complete and accurate 2020 tax return and avoid refund delays. Taxpayers should have all necessary records […]

Saver’s Tax Credit: An Incentive to Save For Retirement

A lot of people struggle to find the funds they need to build their retirement savings. Fortunately, a non-refundable tax credit, known as a retirement savings credit, can make saving a lot easier. Often referred to as a saver’s credit, it allows eligible individuals to benefit from tax considerations in addition to the deductions they […]

IRS Revenue Rulings: Loan Guarantee Under PPP

IRS Revenue Rulings: Loan Guarantee Under PPP May a taxpayer that received a loan guaranteed under the Paycheck Protection Program (PPP) authorized under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) (covered loan), and paid or incurred certain otherwise deductible expenses listed in section 1106(b) of the Coronavirus Aid, Relief, and Economic Security […]

Bartering

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable income includes any money you receive, […]

IRS Criminal Investigation Division Highlights Successes A Message from James C. Lee, Chief Criminal Investigation

IRS Criminal Investigation Division Highlights Successes A Message from James C. Lee, Chief Criminal Investigation IRS Criminal Investigation Marks International Fraud Awareness Week Highlighting Successes From FY20 (This was previously posted by the IRS Highlighting Fraud Awareness Week In December) This week we recognize International Fraud Awareness Week by highlighting our many successes in combating […]

Must You Pay Social Security and Medicare Tax?

Nonresident aliens who are F-1, J-1, M-1 or Q-1 visa holders are not subject to social security and Medicare taxes (FICA) on services are performed to carry out the purpose for which they are admitted to the United States [IRC sec. 3121(b)(19)]. This generally includes on-campus work for which authorization is granted on Form I-94, […]

Avoid IRS Penalty For Underpayment Of Taxes

With nearly 10 million U.S. taxpayers facing a penalty for underpayment of estimated tax last year, the Internal Revenue Service urges taxpayers to plan ahead, understand their options and avoid the penalty when they file in early 2019. To help taxpayers avoid this common situation, the IRS is focusing four news releases this week on […]

What are the new rules for 401(k) hardship withdrawals?

The Bipartisan Budget Act passed in early 2018 relaxed some of the rules governing hardship withdrawals from 401(k)s and similar plans. Not all plans offer hardship withdrawals, but the ones that do will be required to comply for plan years beginning in 2019. In order to take a hardship withdrawal from a 401(k) or similar […]