This note has nothing to do with income taxes. I am just reeling from an experience I had the other night. My wife and I were taking care of my sister’s animals while she and her family were out of town. The fish aquarium filter pump had gone out, so we went to Wal-Mart at [...]
Read More Entrepreneur, Small Business TaxThis issue goes back to the foundation of our legal system. This gets very deep, but I will stay on the surface here. There are two types of law in America: Civil and Criminal. Criminal law is the enforcement of statute and law. There is typically an injured party. An injured party is someone who [...]
Read More Income Tax Planning, Income Tax Preparation, IRS Help, IRS LettersA July 27 article from Tax Prof Blog: Section 3707 of the IRS Restructuring and Reform Act of 1998 prohibits the IRS from designating taxpayers as “illegal tax protesters (or any similar designation).” I.R.C. § 7803(d)(1)(A)(v) requires the Treasury Inspector General for Tax Administration to annually audit the IRS’s compliance with § 3707. The TIGTA today released Fiscal [...]
Read More Income Tax Planning, Income Tax Preparation, IRS Letters, IRS requirements, IRS Small Business, Tallahassee Tax Service, TallyTaxManThere is quite a bit of mis-information about this issue. The latest healthcare takeover bill includes a provision that requires employers to “ include in the W-2 form of each employee the aggregate cost of applicable employer sponsored group health coverage that is excludable from the employee’s gross income.” Employers are required to report these [...]
Read More Income Tax Preparation, IRS requirements, IRS Small Business, Payroll, Small Business Tax, Tallahassee Tax Service, TallyTaxMan, Tax DeductionsI have been reading a lot lately about business and our economy. The conventional line of thinking is that there is a continuum of products and services. You can picture this in the form of a pyramid. The lower price and level of service will be provided by many providers. As price and level of [...]
Read More Income Tax Planning, Income Tax Preparation, Inflation, IRS Small Business, Small Business Tax, Tallahassee Tax Service, TallyTaxManWebster defines austerity as: The quality or state of being austere; an austere act, manner, or attitude, an ascetic practice; enforced or extreme economy. In the context of politics, this does not mean that government will get smaller. It means that they will drastically cut the level and scope of services the public has been [...]
Read More Austerity, Inflation, IRS requirementsThis is a common question. These things can be a bit confusing. A deduction is used to offset taxable income. For example, you have $5,000 in deductible mortgage interest and you are in a 15% tax bracket. This $5,000 deduction would yield a tax savings of $750. A credit is used to offset actual [...]
Read More Homebuyer Tax Credit, Income Tax Planning, Income Tax Preparation, Tax Credits, Tax Deductions