Tax Service – Page 2 – Business of Your Business

Tag: Tax Service (page 2 of 2)

Charitable Contributions

This holiday season, if you’re in the spirit of giving, charitable contributions can be the gift that gives back!

Charitable contributions made to qualified organizations can help lower your tax bill. Record keeping of donations and contributions must be maintained no matter the amount. To properly back up your contributions please keep bank records, receipts, or payroll deductions reflecting the amount.

If you are receiving a benefit for your contribution, you can only deduct the amount that exceeds the fair market value (ex. gala tickets). Non-cash donations such as household items and clothing, must be in good used condition and valued at fair market price.

For more information, read these eight tips the IRS provides here!

School’s Out! Hire your Kids!

June 27, 2017 / Wiley Harrison / Comments Off

If you are self-employed, one advantage is the ability to employ family members.

This summer save on taxes by employing your child under the age of 18.

Your children are not subject to social security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of the child.

For more information, refer to the “Covered services of a child” section at IRS.gov

Moving Expenses can be Deductible

August 19, 2016 / Wiley Harrison / Comments Off

If you are moving due to Job relocation, you can deduct moving expenses.

In order to deduct moving expenses, your move must meet three requirements:

The move must closely relate to the start of work
Your move must meet the distance test
You must meet the time test

After meeting these requirements, the #IRS has plenty of tips to show you what expenses are deductible.

For more information click here. Be sure to update your address with the IRS and Post Office.

1099-Misc

May 24, 2016 / Wiley Harrison / Comments Off

Miscellaneous Income should be reported. Payments for services performed for your trade or business is reflected on form 1099-Misc.

If the following four conditions are met, you must generally report a payment as nonemployee compensation.

1. You made the payment to someone who is not your employee;
2. You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations);
3. You made the payment to an individual, partnership, estate, or in some cases, a corporation; and
4. You made payments to the payee of at least $600 during the year.

For more information, click the link below to read more!

Reporting Payments to Independent Contractors

Phone Scams! The IRS Does NOT Call!

May 23, 2016 / Wiley Harrison / Comments Off

A few of our clients have fallen victim to fraudulent phone calls received by scammers impersonating to be Tax Agents.

These callers are calling in attempt to steal your money. They will call with variations of IRS issues and even show up on the caller ID as the IRS. They will either claim that you’re due for a huge refund or you owe the IRS money. They threaten that legal actions are in place and demand immediate payment.

Don’t be fooled! If you receive a phone call, do NOT give out any information and hang up immediately. The IRS does not call, certified mail is the most common form of communication.

For more info, read what the IRS has to say below.

IRS: Phone Scams

Where’s my Refund??

April 5, 2016 / Wiley Harrison / Comments Off

When the IRS processes your tax return and approves your refund, you can see your actual personalized refund date. Even though the IRS issues most refunds in less than 21 days after we receive your tax return, it’s possible your tax return may require additional review and take longer.

Track your Refund Here!