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Eight Small Business IRS Audit Areas to Watch Through the 2013 Tax Year Your small business that might fit any of these eight profiles could be a focus for IRS compliance efforts aimed at underreporting. The IRS continually analyzes compliance levels for entities, issues and industries by...

Energy Costs Rise as Tax Incentives Fade With energy costs skyrocketing, you would think that the federal government would come up with some tax incentives aimed at curbing the consumption of energy. However, on the consumer end of taxes, the incentives are actually...

Did You Overlook Something on a Prior Tax Return? Occasionally, clients will realize that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the oversight will result in more...

HI All, Just a point of information. If you have not filed your 2012 tax return, my advice is to file for an extension to play it safe, Once the Extension is filed you will have until October 15, 2013 to complete and mail or e-file your return. Also check to see if you need...

Hi All, If any of you are interested I have available to you free of charge a 2012 income tax organizer, which comes in 2 part, Part 1 is for your individual information and any itemized deduction you are able to deduct, part 2 is for you trucking or any business entity that you would have...

I have available to all a 2012 Trucker Income Tax Organizer, Complete listing of allowalbe deductions (16 pages broken down by catergory and items) and other information that is available by request, Please forward your e-mail address requesting this information to...

Llc's the uglyHI ALL, THIS IS THE FINAL AND THIRD STAGE OF THE LLC, IF THESE DECISIONS ARE NOT MADE. YOU WILL HAVE PROBLEMS. PART III LLC'S THE UGLY 1. Improper formation of the LLC- Failure to meet taxpayers needs A. When the LLC is not the proper formation: 1. Business operates crossing...

Llc's part ii the bad.AD: PART II LLC Disadvantages While a limited liability company (LLC) offers many advantages over other forms of business entity, there are also some disadvantages. Some of the drawbacks to selecting an LLC over another entity are: * Earnings of most members of an LLC are...

L.l.c'sThis was originally posted in July 2008 LIMITED LIABILITY COMPANIES; IN 3 PARTS- GOOD , BAD AND THE UGLY PART 1, THE GOOD: 1. Much less administrative paperwork and record keeping than a Corporation: 2. Pass-through taxation, no double taxation, unless the LLC elects to be taxed as a...

Choosing your Business EntityI posted this around February 2009 in reference to what you can choose as a Business Entity In the paragraphs below you will find the forms of what types of business entities that are available. FORMS OF OWNERSHIP One of the first decisions that you will have to...

January 1,2013, everything old becomes new, As it stands as of today the tax cuts in force for the past ten years will expire, the payroll tax cut on Social Security will expire and the rate will go back up 2% to its original amount. New taxes in many states could become law and active in...

SORRY for THIS NEWS, but the mileage rate has not changed yet, no notices have been updated or received to date. The standard mileage rate for all of 2012 is $ 55.5 per mile driven for busienss miles only For Cargo Vans, up to 10,000 GVW only Also, you must keep a accurate record of each...

Tax Relief for Victims of Hurricane Isaac in MississippiLA/MS-2012-14, Sept. 5, 2012 Updated 10/01/12 to include Copiah, Franklin, Jefferson, Jones and Lamar counties. Updated 9/10/12 to include Adams, Amite, Clarke, Forrest, George, Hinds, Lincoln, Marion, Pike, Stone, Walthall, Warren and...

HI ALL, The new Per Deim rates have not changed form Oct 1, 2012 through September 30, 2013 They Are As Follows SECTION 3. SPECIAL M&IE RATES FOR TRANSPORTATIONINDUSTRY The specialM&IE rates for taxpayers in the transportation industry are $59 for anylocality of travel in the continental...

Sorry I wrote under 55,000 GVW, its suppose to be Over 55,000 GVW for form 2290 Certain Filing Changes For Heavy Highway Vehicle Use Tax Return Notice 2012-57 notifies taxpayers that the IRS Modernized eFile (MeF) system will not be available from August 31, 2012, through September 4, 2012, for...

Depreciating Property Acquired Under Code Secs. 1031 or 1033 As a taxpayer involved in a like-kind exchange or who replaced property after a casualty loss, regulations concerning the annual depreciation allowance for the replacement property may be of interest to you. Under a typical...

Repairs versus Improvements: New Business Rules for Deductibility The IRS and Treasury have issued long-awaited, comprehensive regulations on the capitalization of amounts paid to acquire, produce or improve tangible property. The regulations, released at the end of 2011 and effective...

Naming Your IRA Beneficiary – More Complicated Than You Might ExpectThe decision concerning whom you wish to designate as the beneficiary of your traditional IRA is critically important. This decision affects the minimum amounts you must withdraw from the IRA when you reach age 70-1/2, who will...

Bunching Your Deductions Can Provide Big Tax Benefits If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only marginally, you may benefit from using the “bunching” strategy. The tax code allows most taxpayers to utilize the standard...

Does The Tax-Home Rule Destroy Your Business Travel and Home Office Deduction Question I recently took over an insurance agency office that is over 60 miles away from my home. We do not want to move to the other city as are our children a good school system and have a lot of friends, and...