Unless you avoid the news and if you do, I can’t say a blame you, you probably heard the term Tax-maggedon or the Fiscal Cliff bandied about by the news clones for several months of 2012. Even as disaster loomed the parties in the lame duck congress and the president [...] Read more »
How much does your tax preparer really know?
How much does your tax preparer really know? In the past, anybody, whether they knew what they were doing or not, could prepare taxes for money. In 2011 the IRS began a program designed to bring unlicensed preparers into the fold. All tax preparers are now subject to Circular [...] Read more »
2012 Lame Duck, Taxmaggedon & Looming Tax Changes
With 14 days left in the Congressional House Sessions, you would think the US Congress would be working on the looming fiscal cliff, Taxmaggedon and Sequestration, the automatic budget cuts the Super-Committee agreed to, but did not think would happen. Yet the news is filled with the Benghazi investigation, and [...] Read more »
Hiring Your Spouse Without Running Afoul The IRS.
On the advice of a CPA a farmer hired his wife who had worked on the family farm for years without pay. All the farm and personal expenses were paid from the same joint checking account (this is called co-mingling of funds). The rational for suddenly hiring his wife and [...] Read more »
BP Victims Receiving Payments-It’s Taxable
There is no such thing as a free lunch. If you are a business affected by the BP oil spill and receive money to replace income or profits, that is taxable income folks. It’s replacing money that would have been taxed so… If you are a self-employed proprietor, then you also [...] Read more »