This month, we celebrate the 238th birthday of America. But now that we are separated from our founding fathers by nearly two and a half centuries. Many have forgotten what the men who drafted the Declaration of Independence and Constitution believed about taxes. The truth is that this country was founded on the principle of […]
How Did Our Founding Fathers View Taxes? Read More »
The Foreign Account Tax Compliance Act (FATCA) was a provision of the Hire Act, which was passed by Congress in March of 2010. The IRS has made several delays in the implementation of FATCA but more than four years later; it finally took effect. It is a little known IRS rule that went into effect
Will FATCA Doom the U.S. Dollar? Read More »
The Federal Trade Commission (FTC) has recently implemented a “Red Flags” rule on certain businesses in an effort to curb the growing problem of identity theft. Financial institutions of all sizes are required to comply with this rule, as well as other businesses that regularly pull credit reports and grant credit to their customers. Essentially,
How to Comply with the FTC Red Flags Rule Read More »
A growing number of Americans are victimized by identity theft each year. With the increase of online financial activity, cyber thieves are stealing millions of dollars annually with the threat continuing to grow at an alarming rate. To help fight identity theft, the Federal Trade Commission (FTC) recently implemented the Red Flags Rule. What is
Is Your Business Subject to the FTC Red Flags Rule? Read More »
Working at home is a new experience for many, and in today’s economy, it is becoming more common. If you work from home as an independent contractor (freelancer), you are responsible to take care of your own tax withholdings and keep track of expenses you are able to deduct. Though there are many advantages to
How to Track Expenses for Work at Home Individuals Read More »
There are times when a business decides that moving offices is beneficial for the growth of the business and/or for budgetary reasons. Changing locations can be an exciting time for a growing company, but it can also get expensive. Thankfully, the IRS has several allowable deductions you can take advantage of when you move. What
What Office Moving Expenses Can Be Deducted? Read More »
We have all heard the horror stories of those that have faced an audit from the IRS. Having the most powerful financial agency in the world question the accuracy of your tax return is definitely quite scary. Perhaps the most stressful aspect of an IRS audit is the uncertainty of not knowing what to expect
What Happens During an IRS Audit? Read More »
Being audited by the Internal Revenue Service is something many taxpayers fear; even if your return is entirely above board, an honest mistake here or there can turn an audit into a tax nightmare. So when it comes to filing your income taxes, the best strategy is to do everything possible to avoid IRS red
How to Avoid an IRS Audit Read More »
Every year, the tax laws change a little, and sometimes a lot. For example, some business write-offs such as accelerated depreciation have largely gone away after 2013. However, there are still a large number of deductions available to entrepreneurs and small businesses. It is important to be aware of them now so you can maximize
Small Business Tax Write-Offs for 2014 Read More »
As part of the Affordable Care Act of 2010 (also known as Obamacare), starting in 2014 individuals are required to have health insurance. The IRS has been tasked with the responsibility of tracking who is and who is not in compliance with the law. If you do not carry “minimum essential coverage”, you may be
The Individual Health Insurance Mandate: Are You in Compliance? Read More »
