A move by a state pension fund to make up for a shortfall has implications for residents and all small-business owners. Will Californians Be Hit With a New Billions Tax? The California Public Employees’ Retirement System (CALPERS) is the pension fund for the state’s municipal workers. It is one of the largest pension funds in the world, with over $250 billion under management, and it has great influence across other pensions in the country. CALPERS, like many other state pensions and just like … [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...]
Small Business Tax Credit: Is Your Company Giving Up Free Money?
Is the new small-business tax credit too complex to calculate and worth too little to claim? It isn’t often that a business owner will turn down a tax credit, but that’s exactly what’s happening with the Tax Credit for Employee Health Insurance Expenses of Small Employers, a key part of the Affordable Care Act, otherwise known as Obamacare. Many small-business owners have concluded that the credit isn’t worth enough money to justify the effort required to claim it. According to the most recent … [Read more...]
Tax Fraud: 5 Millionaires Busted for Cheating on Their Taxes
Cheating on your taxes is not only illegal, it can ruin your life. Just ask one of these five tax evaders. Is it okay to cheat on your taxes? Even just a little bit? According to a recent poll conducted by GfK Roper Public Affairs and Corporate Communications, a whopping 87 percent of respondents believe that it is never okay to cheat on your taxes, even “just a little bit.” It's hard to reconcile the survey results with the hundreds of billions of dollars the IRS claims it loses every year due … [Read more...]
Why You Should Move to Puerto Rico Before Selling Your Business
A new law eliminates capital gains taxes if you move to Puerto Rico. Adelante! Billionaire hedge fund manager John Paulson, who was born, raised and became insanely rich in New York, is seriously considering a move to Puerto Rico, according to recent reports. He isn’t the only wealthy person thinking of packing his bags. Under a year-old law, Paulson’s move to Puerto Rico would save him hundreds of millions of dollars in taxes that he would otherwise have to pay on capital gains made investing … [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...]
3 Dumb Mistakes That Can Lead to a Tax Audit
Several Mistakes That Can Lead to a Tax Audit. Don't let one of these dumb mistakes be one of them. The fear of being audited keeps millions of small-business owners up at night, especially during tax season. While the number of tax returns audited each year is around 1 percent of total returns filed, that doesn’t do much to pacify the fears of tax filers. Small-business owners and self-employed people with higher incomes are at a greater risk of being audited in part because it is easier for … [Read more...]
When is a Business Expense Not a Business Expense?
The IRS is pretty strict when it comes to deducting expenses and some of their restrictions may surprise you at tax time. When is a Business Expense Not a Business Expense? Answer: When the IRS says it isn’t. This detail can cause many headaches for small-business owners, especially those who keep track of their own accounting. When managing your company’s accounts, you should follow what are known as Generally Accepted Accounting Principles or GAAP. For many small businesses, GAAP is pretty … [Read more...]
- « Previous Page
- 1
- 2
- 3
- 4
- …
- 11
- Next Page »