Around tax season, it’s important for everyone to remain vigilant with protecting personal data because of an increasing number of IRS scams nationally. By learning these warning signs now, you can avoid becoming the next victim.
Small restaurants, if they last any length of time, are always super busy preparing and serving meals, pouring drinks and cleaning up the mess. With customers continually coming in and out, a small restaurant owner’s time is at a premium. But when it comes to accounting a restaurant shouldn’t skimp. Our helpful hints for keeping accounting records for a small restaurant detail the right way to keep track of your books.
Businesses and individuals begrudgingly pay interest, because it appears little is to be gained. This is not entirely true. Interest expense, in certain cases, is tax-deductible.
It’s a common misconception that the IRS has the power to audit anything or anyone at any time. By law, the IRS audit statute of limitations expires after three years. However, certain important exceptions you should know about can extend that audit window indefinitely.
After tax day, we are rewarded with the fun task of deciding what to do with our income tax refund. Before buying anything this year, consider some of our smart strategies for investing your tax refund for retirement.
Are you in the business of buying and selling real estate? Tired of paying out your gains at tax time? Let us introduce you to the 1031 exchange!
Usually, when you sell a business or investment property and have a gain, you have to pay a tax on that gain at the time of the sale. With a 1031 exchange there is an exception that allows you to postpone paying taxes on that gain if you reinvest gains into a similar property in a like-kind exchange.
To help you save at tax time and reinvest your gains we will explain key aspects of a 1031 exchange, who qualifies for a 1031 exchange and what a like-kind exchange involves.
Don’t allow your tax refund check to burn a hole in your pocket. Instead, let your money grow. If you receive money back from the government this year, try one or more of our five ways to invest a tax return for your future.
Why put off to tomorrow what you can have today? A high tax refund at year’s end can be a poor choice for many, because inflation devalues a government refund of your own money. Aside from the threat of scams, there are four main reasons to beware of high tax refunds.
Like old wives tales, IRS audit myths, often with little basis in reality, have been handed down through generations of American taxpayers.
Everyone dreams of paying no taxes (or claiming a significant sum of cash in the form of deductions), but filing taxes is rarely as enjoyable as Christmas. That becomes especially true when an IRS agent comes knocking at your door and accuses you of tax evasion. Listed below are a few techniques that you can use to avoid key IRS audit triggers with 007-esque stealth.