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17 04, 2017

Tax Implications of Crowdfunding

By | 2017-04-17T21:19:54+00:00 April 17th, 2017|Categories: Uncategorized|0 Comments

Article Highlights: Crowdfunding Sites Gifts Charitable Gifts Business Ventures SEC Registration Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. [...]

12 04, 2017

GOP Unveils Its Obamacare Repeal and Replacement Legislation

By | 2017-03-29T18:38:02+00:00 April 12th, 2017|Categories: Uncategorized|0 Comments

Article Highlights: Repeal of Individual Mandate Repeal of Employer Mandate Recapture and Repeal of the Premium Tax Credit Catastrophic Insurance Refundable Tax Credit for Health Insurance Health Savings Accounts Medical Deduction Income Limitation Repeal of Net Investment Income Tax Repeal of FSA Contribution Limits Repeal of Increased Medicare Tax Other Provisions On March 6, the [...]

10 04, 2017

Important Due Date: Foreign Account Reporting Requirements (FBAR)

By | 2017-03-29T17:57:55+00:00 April 10th, 2017|Categories: Uncategorized|0 Comments

Article Summary: Foreign Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Type of Accounts Affected Form 8938 Filing Requirements U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by fling FinCEN Form 114 by April 18, [...]

5 04, 2017

Don’t Be Scammed By Fake Charities

By | 2017-03-29T17:32:53+00:00 April 5th, 2017|Categories: Uncategorized|0 Comments

Article Highlights: Fraudsters Urgent Appeals Tips to Avoid Scams & ID Theft Cash Contribution Tax Documentation Each year at this time, the IRS publishes its list of the “dirty dozen” tax scams. Among the dirty dozen are groups that masquerade as charitable organizations to attract donations from unsuspecting contributors. Before you write a check, be [...]

3 04, 2017

Tax Filing Deadline Is Around the Corner

By | 2017-03-29T17:21:25+00:00 April 3rd, 2017|Categories: Uncategorized|0 Comments

Article Highlights: Balance due payments Contributions to a Roth or traditional IRA Estimated tax payments for the first quarter of 2017 Individual refund claims for tax year 2013  Just a reminder to those who have not yet filed their 2016 tax return that April 18, 2017 is the due date to either file your return [...]

29 03, 2017

Consequences of Filing Married Separate

By | 2017-03-29T17:02:28+00:00 March 29th, 2017|Categories: Uncategorized|0 Comments

Article Highlights: Joint & Several Liability Exemptions Itemizing Deductions Social Security Income Section 179 Deduction Special Passive Loss Allowance Traditional IRA Deduction Phase-Out Roth IRA Contribution Phase-Out Coverdell Education Accounts Education Tax Credits Higher Education Interest Education Exclusion for U.S. Savings Bond Interest Premium Tax Credit Earned Income Tax Credit Child Care Credit Halved Deductions [...]

27 03, 2017

IRS Clamps Down on Tax Credits

By | 2017-03-20T17:12:56+00:00 March 27th, 2017|Categories: Uncategorized|0 Comments

Article Highlights:  Affected Credits Retroactive Claims Disallowance Periods for Improper Credit Claims Preparer Due-Diligence Requirements 1098-T Requirement to Claim Education Credits Refunds from AOTC and CTC Returns Will Be Purposely Delayed In an effort to rein in tax fraud, which is costing the government billions of tax dollars, some new laws that take effect in [...]

22 03, 2017

Using Custom Fields and Classes in QuickBooks Online

By | 2017-02-27T21:24:46+00:00 March 22nd, 2017|Categories: Uncategorized|0 Comments

QBO’s tools are generic enough that myriad businesses can use it. But custom fields and classes help you shape it to meet your specific needs. Small business accounting is not a one-size-fits-all proposition. Your company is unique in that sense; you have your own customers and products, vendors and services. Your requirements for your accounting [...]

20 03, 2017

Do I have to File a Tax Return?

By | 2017-02-27T21:23:30+00:00 March 20th, 2017|Categories: Uncategorized|0 Comments

This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals are REQUIRED to file a tax return, and then there are times when it is to individuals’ BENEFIT to file [...]

15 03, 2017

Liberal Expensing Limits Can Create Major Year-End Tax Savings

By | 2017-02-27T19:56:51+00:00 March 15th, 2017|Categories: Uncategorized|0 Comments

Article Highlights: Sec 179 Expensing Expensing Safe Harbor Per Item or Invoice First Year Bonus Depreciation Leasehold Improvements Businesses seeking to increase deductions by acquiring machinery and equipment before year-end have an impressive array of tools to work with: Generous, up to $500,000, expensing under IRC Sec. 179, A liberal, up to $2,500, expensing safe [...]