One of the many benefits of using contractors instead of employees is that there’s much less paperwork involved. Although you only need to obtain a few pieces of information from your contractors, it’s very important that you do so. If you fail to get contractor...
Between payroll taxes and income taxes, self-employed taxpayers can use all the deductions they can get. The home office deduction is a lucrative one. Qualify, and you can write off a portion of your rent, utilities, insurance, and repairs. It has rigid qualification...
You may not have bought your boat or RV for the tax benefits, but that does not mean there are not some. Interest expense, property taxes and sales tax deductions are available for owners as itemized deductions on Schedule A. Boat and RV owners that want to make some...
Have you been considering an investment in alternative energy for your small business? If so, act quickly. The generous 30 percent business Investment Tax Credit is scheduled to reduce to 10 percent after 2016 barring any extensions. The 30 percent Investment Tax...
Discharging income tax debt just got more difficult. In Mallo v. IRS, the Tenth Circuit recently ruled that tax debts from late returns can’t be discharged through bankruptcy, making wiping out tax debt an even harder task. Tax Bankruptcy Basics To put the court...
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