There are three (3) common IRS penalties that hit individual taxpayers the most. They can easily be avoided with a little planning. Listen…paying taxes is difficult enough, don’t add insult to injury by having to pay penalties and interest on top of income taxes. The IRS penalties ALONG WITH interest can add up quickly. It
Is crypto a security? The simple answer is, it depends. Below we will be reviewing the question: when is crypto a security? Important for all “Crypto Investors” Whether you are a seasoned crypto pro or new to the exciting world of crypto trading, it is important to understand these concepts. What has the SEC said?
Health insurance is expensive, and making sure it’s a write-off in your business is a big deal. Regrettably, it’s not as easy as just putting it on your P&L and treating it like office supplies. Health insurance premiums can be deductible. However, they must be reported in a specific way based on your type of
You may have heard that self-directed rules prohibit you from making the following investments:
I’m not proposing setting up any sort of business to simply lose money for tax write-offs, but to build a business that allows you to make more money, and save taxes by writing things off you wouldn’t otherwise be able to.
Every week our firm gets call from clients around the country who have lost money by investing with friends, family or neighbors they trusted—but who were not licensed to sell securities or did not properly document the relationship as a partnership.
The Rule of Thumb should be to file an Extension. Send in the appropriate deposit, dig up better records, and then file before October 15th
But what if you STILL owe taxes for whatever reason and the May 17th deadline is really concerning you? Here’s what you need to do in order to minimize any penalties and interest.
Making sure our travel has a ‘business purpose’ is critical and a perfect opportunity for business owners for a great tax write-off.
Businesses need to file a form 1099-NEC for every person for whom they pay $600 or more over the course of the previous tax year. A 1099-NEC form is only necessary for people who are NOT employees, such as contractors.
The Auto Deduction is the best it’s been in over 30 years, with business owners able to write-off a vehicle faster and with even bigger deductions!
Are you wondering what to do If you can’t pay your taxes by October 15th this year? Do you feel like you don’t have any options, and all is lost? Are you considering not even filing your tax return at all? The worst thing a taxpayer can do: is to do nothing at all. Here
