Starting in the 2020 tax season, the IRS is bringing back a form to report nonemployment compensation that hasn’t been utilized for 38 years. Although it will have no impact on the preparation of your tax return or tax liability, it is important to properly handle the reporting of the income to avoid future penalties […]
A question that is becoming more common is whether there is any tax benefit to forming a Limited Liability Company (LLC)? The short answer is no. The decision to form an LLC should be made because of the legal protections it provides. For individuals who run a business, they should understand the different business structures […]
A common scam being used is receiving a call from someone claiming to be an IRS agent or a Taxpayer Advocate Service agent. In the call they tell you that you have some tax liability that you need to resolve immediately to avoid arrest. They may also offer to help you resolve the issue. The […]
Have you received all of your refunds? With budget difficulties in states such as California and New York and the delaying of issuing refunds it is important to make sure that you have received all of the refunds you were expecting. If your refund was to be directly deposited into your checking or savings account […]
The IRS has increased scrutiny of employee business expenses–specifically business miles. Be sure to keep track of your business miles in a mileage log to verify the legitimate purpose of each trip. It’s also a good idea to have your car professionally serviced at the beginning and end of each year to make sure you […]
In order to claim a deductible business expense that is both ordinary and necessary to perform your job, you must be able to justify the expense and provide evidence of payment. In order to justify the expense you should provide written documentation to substantiate the cost, the date of purchase, the place or description of […]
Playing in Europe or Asia this season? Playing abroad doesn’t excuse you from paying income taxes in North America: If you’re a U.S. citizen or a Canadian resident, you’re required to claim all worldwide income on your year-end income tax return. For more information on your filing requirements please review “What Does Tax Free Really Mean?”
As tax season approaches, I thought it might be helpful to provide some guidance on how to successfully proceed in collecting and organizing your information. Updated January, 2019 Tax Questionnaire The first step is to download this year’s tax questionnaire. The questionnaire is our basis in understanding your unique tax situation and provides the opportunity […]
Driving to work out this summer? Be sure to keep good records on the miles you drive. The IRS allows a $.51 deduction for every mile driven for business purpose. Off season training for a professional athlete qualifies as a legitimate business purpose thus the mileage is deductible. For more information on how to keep […]
It’s essential you keep good records to justify each hockey related business expense. If the IRS ever requests further documentation from you about a specific expense, you will need to do two things to prove you are entitled to deduct the expense. Prove you made the payment by providing either a cancelled check, bank statement […]
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Preparing for this years tax return? Download Tax Forms