Be careful with tax experts that promise to make your IRS problems go away. One of the scariest types of correspondence that a small-business owner can recieve is a request from the IRS for more information. Debt to the IRS could lead to an audit which requires payment of back taxes, interest and penalties. In some cases, the amounts can reach tens of tousands of dollars or more. If your business is going through a rough patch and can't afford to pay the IRS what is owed, then some people throw … [Read more...]
The Two Most Important Days in April, tax returns are due April 15th
Everyone knows there tax returns are due April 15th. But did you know there are other tax deadlines this month? Eva Rosenberg at MarketWatch brings up a great point—everyone thinks that April is tax month because returns are due on the fifteenth. While that's true, it's only one of the several tax return deadlines that affect small-business owners over the course of the month. By focusing exclusively one date, you run the risk of missing other important deadlines. If April wasn't busy enough … [Read more...]
The IRS has started using Facebook and Twitter to see if tax returns match lifestyles.
Tax Faux Pas: Why You Should Think Twice Before Instagramming Your New Mercedes. The IRS has started using Facebook and Twitter to see if tax returns match lifestyles. The difference between what the Internal Revenue Service believes taxpayers owe and what they actually pay is referred to as the tax gap. Given the strained financial position of the U.S. Federal Government, the agency is now turning to a new resource to make it more difficult for taxpayers to perpetuate this fraud. It is … [Read more...]
5 Ways to Protect Yourself From the Latest Tax Refund Scam
Billions in tax refunds are being redirected to scammers. Take these steps to protect yourself. Drug dealers and other criminals are exchanging their guns for laptops, in what is considered the safest and most profitable scam taking place today: tax refund fraud. Perpetrators steal or purchase the identities of potential victims, including social security number, date of birth and address. Using this information, they file a tax return on behalf of the victim with bogus information designed … [Read more...]
TONIGHT – Take Control of Your Finances – Free Webinar with Mike Periu
Tax season is here, and with it might come new questions about your taxes or financial situation. One of the most common misconceptions among members of the Hispanic community is that you need to pay someone to prepare your taxes in order to get your biggest refund. This can be very costly in terms of time and money. You work hard for your money and deserve to keep every penny of it. By filing your taxes online with TurboTax, you could save an average of $100 or more over going to a tax … [Read more...]
10 tips to make filing your taxes a breeze
It’s that time of year again. Time to filing your taxes. Here are 10 tips he provides to make tax time a bit more enjoyable: 1. Before you assume you need to go to an accountant, evaluate if you need one. The majority of people fill out a 1040EZ which doesn’t require an accounting degree. It’s very simple and can be filled out in 10 to 15 minutes. By filling out your own taxes, you can save an average of $150. Just because you fill it out on your own, however, doesn’t mean you don’t have … [Read more...]
Simple Tax Error Could Cost You Thousands
The IRS denied David and Veronda Durden a $25,000 deduction. You won't believe why. The devil is in the details is the lesson from David and Veronda Durden who were denied a $25,000+ deduction on their tax returns for a charitable contribution they made to their church. Why? Because of a simple technicality, A Simple Tax Error. The IRS disallowed the deduction, increasing their tax liability by thousands of dollars, because the proof they had confirming the donation didn’t meet all of the IRS’ … [Read more...]
How Founder of Chobani Earned Billions in 5 Years
Hamdi Ulukaya, Founder of Chobani became a billionaire in five years by making great yogurt and using innovative marketing. “Only in America” can a Turkish dairy farmer come to learn English, start a small business with borrowed money and become a billionaire in five years while beating the pants off of Fortune 500, writes Bryan Gruley of Bloomberg Businessweek. That’s the life story of Hamdi Ulukaya, founder and sole owner of Chobani, maker of Greek yogurt. Ulukaya’s path to … [Read more...]
IRS (Finally) Makes it Easier to Claim Home Office Deduction
The IRS now offers a simplified process to claim a home office deduction tax up to $1,500. The home office tax deduction is one of the most complicated calculations that taxpayers have to perform. The form runs over 40 lines and comes with dozens of pages of instructions. It’s also considered an audit “red flag” by many tax preparers. For these reasons, millions of the estimated 52 percent of small businesses in the U.S. that are home-based don’t take the deduction. The IRS has now announced a … [Read more...]
5 Things to Consider Before Hiring a Tax Accountant
Even though the tax season is slightly delayed this year, don't wait Hiring a Tax Accountant. Here are some tips on interviewing candidates. The IRS has already announced that tax filing season will be delayed so that the tax provisions of the fiscal cliff deal can be processed. That doesn’t mean you should delay hiring a tax accountant to help your company manage and file its returns. As your company grows, preparing tax returns becomes more complex, and the right tax accountant can add great … [Read more...]