Ten tips to improve your bottom line

The difference between a profitable business and a nonprofitable one can lie in the little things. Here are 10 areas that you should consider looking into to see if you can improve them. You might be surprised at how a few changes can impact your profitability. Eliminate unnecessary payments. Defer new expenditures until you are… Read more »

Don’t Miss Deductions for Higher Education

The tax code can be marvelously complicated, but you should not let that deter you from taking advantage of tax-saving opportunities that may be available to you. Here we will lay out the basics of many tax breaks that may apply to your situation. American Opportunity Credit The American Opportunity Credit has been extended until… Read more »

How to Protect Yourself from Identity Theft

IDENTITY THEFT — BE AWARE, PREPARE, AND TAKE CARE According to the U.S. Secret Service, the revenue from trafficking financial data has surpassed that of trafficking drugs. The Bureau of Justice Statistics (BJS) released a survey in December 2013 reporting that an estimated 16.6 million people (7% of all Americans age 16 or older) were… Read more »

How to Deduct Business Travel Expenses

What expenses can I deduct while traveling for business away from home? A wide range of expenses can be deducted while traveling away from home. Here are the main ones: Transportation fares, or actual costs (or a standard per mile rate) of using your own vehicle. Also, transportation costs of getting around in the work… Read more »

Which Moving Expenses are Tax Deductible?

Moving expenses are deducted as an adjustment to income on Form 1040, but you cannot deduct any moving expenses covered by reimbursements from your employer that are excluded from income. If you meet the requirements of the tax law for the deduction of moving expenses, you can deduct the following types of moving expenses, as… Read more »

April 2014 Tax Deadlines

April 10 Employees – who work for tips. If you received $20 or more in tips during March, report them to your employer. You can use Form 4070. April 15 Individuals – File an income tax return for 2013 (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6-month… Read more »

Maximizing your tax benefits from charitable contributions

How can I maximize my tax benefit from charitable contributions? Many donors are not aware that their contributions may not be deductible, or that deductions may be limited. Here are the general rules: When an organization claims to be tax-exempt, it does not necessarily mean contributions are deductible. “Tax-exempt” means that the organization does not… Read more »

TIGTA Warns of Largest Ever Phone Fraud Scam Targeting Taxpayers

Treasury Inspector General for Tax Administration Press Release TIGTA-2014-03                                                                                                               Contact: David Barnes Thursday, March 20, 2014                                                                                               David.Barnes@tigta.treas.gov TIGTA Warns of “Largest Ever” Phone Fraud Scam Targeting Taxpayers WASHINGTON — The Treasury Inspector General for Taxpayer Administration (TIGTA) today issued a warning to taxpayers to beware of phone calls from individuals claiming to represent the Internal Revenue Service… Read more »

March 2014 March 03 Farmers and Fishermen – File your 2013 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2013 estimated tax by January 15, 2014. March 10 Employees who work for tips. – If you received $20 or more in tips during… Read more »

The Home Office Tax Deduction

Under the IRS rules, a taxpayer is allowed to deduct expenses related to business use of a home, but only if the space is used “exclusively” on a “regular basis”. To qualify for a home office deduction you must meet one of the following requirements: Exclusive and regular use as your principal place of business… Read more »