Sales tax is inherent in almost all small businesses. No matter how remote or small your business, you are liable for collecting sales tax within your footprint. Until recently, it had long been the rule that states cannot collect sales tax from vendors that sell products in their state, unless the vendor had a physical […]
The IRS and state tax authorities have made significant strides in curbing individual identity theft over the last several years. With a decrease in individual identity theft, cyberattacks against businesses are on the upswing now. Here are some simple ways business taxpayers can help protect their data from hackers. Trends in ID Theft In February, […]
Feeling the urge to purge? Summer’s coming, so it’s likely you’re wrapping up your spring cleaning before your summer fun begins. April 17, 2018 was the deadline for individuals and C-corporations to file their federal income tax returns for 2017 (or to file for an extension). Before you throw out your old financial records, however, […]
On December 22, 2017, President Trump signed the new tax reform bill, the Tax Cuts and Jobs Act, into law. This new tax law brought big changes for both individuals and companies. In general, the changes to individual provisions expire at the end of 2025, but the corporate changes are permanent. While new the new […]
Addressing your tax liability effectively requires tax planning throughout the year. Those business owners who reap the most benefits consider their taxes year-round, rather than waiting to focus on tax payments only a few weeks before the filing due date. A typical small business qualifies for roughly a dozen tax deductions. For example, you can […]
As the summer ends, many students are gearing up to go off to college. It’s an exciting time for recent high school graduates and returning students alike, but as we all know, higher education comes at a price. To help offset some of these expenses, the Internal Revenue Code offers two federal income tax credits […]
Many homeowners have considered becoming a landlord. It’s an attractive option if your local real estate market is surging and rental rates are strong, especially if you’re already thinking about relocation or downsizing from your current home. In a perfect world, you’ll be able to shelter most or all of your rental income with tax […]
Real estate owners who rent their properties often incur tax losses due to depreciation write-offs and other allowable deductions, but the ability to deduct those losses might be postponed indefinitely by changes to PAL rules. In general, these rules limit deductions for rental property PALs to the amount of income that you have from other […]
Are you a passive investor in a business or rental activity? You aren’t involved directly in day-to-day operations of the project, but are still invested in its success. In general, it is a little easier to determine if you would be identified as a “passive” or “nonpassive” investor since the IRS has prescribed seven tests to […]
It’s already starting to feel like summer here in Florida, but the forecast for Washington, D.C. remains unclear as officials continue to discuss various tax-related issues. No matter what happens, don’t get stuck in a holding pattern yourself. You’ll find it’s worthwhile to give some attention to business and personal tax planning this summer. Here […]