Home Office Tax Deductions for Business- Part One of Four- The Basics
Business Use of Home Deduction- Part One of Four- The Basics The Business Use of Home Deduction may be a substantial deduction because it allows you to take a portion of your rent or mortgage interest, utilities and other business use of home expenses. There is an additional benefit to the business use of home […]
Home Office Tax Deductions for Business- Part Two of Four- Meeting the Requirements
Business Use of Home Deduction- Part Two of Four- Meeting the Requirements The business use of home deduction is often misunderstood as there are very specific requirements you must satisfy to qualify for the deduction. This article is part of a four part series starting with the basics, meeting the requirements, business use of home […]
What Is an IRS Audit? | When Does The IRS Audit | Legacy Tax & Resolution Services
What Is an IRS Audit? | When Does The IRS Audit | Legacy Tax & Resolution Services An IRS audit is a review or examination of an organization’s or individual’s returns and supporting information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is […]
How Coverdell and 529 Education Savings Plans Differ
Article Highlights Coverdell Education Savings Accounts Qualified State Tuition Programs (Sec 529 plans) Savings Contributi The tax code provides two primary advantageous ways of saving for your children’s education. We frequently get questions about the differences between the programs and about which program is best suited for a family’s particular needs. The Coverdell Education Savings […]
Home Office Tax Deductions for Business- Part Three of Four – For an Employee
Business Use of Home Deduction- Part Three of Four – For An Employee The business use of home deduction is often misunderstood and there are very specific requirements you must satisfy to qualify for the deduction. This article is part of a four part series starting with the basics, meeting the requirements, business use […]
Home Office Tax Deductions for Business – Part Four of Four-Calculating the Deduction
Business Use of Home Deduction- Part Four of Four-Calculating the Deduction The business use of home deduction is often misunderstood and there are very specific requirements you must satisfy to qualify for the deduction. This article is part of a four part series starting with the basics, meeting the requirements, business use of home as […]
IRS Form 8814 – “What Is the “Kiddie Tax”
IRS Form 8814 “The “Kiddie Tax” unearned income for children and How to Report It. Among the suggestions used by astute tax planners is income shifting. This may include shifting some of your investment income to younger children. Beware there are special rules known as the “Kiddie Tax” imposed on children’s investment income. These rules […]
HISTORY OF THE “UNCLE SAM” NICKNAME
HISTORY OF THE “UNCLE SAM” NICKNAME How did Uncle Sam come about? It goes back to the year 1813. During the war of 1812, a meat packer from Troy, New York, by the name of Samuel Wilson, would supply barrels of beef to the United States Army. On these barrels, Mr. Wilson would stamp the […]
Education Savings: How a Sec 529 Plan Can Transform Your Family’s Future
Article Highlights: What is a Sec 529 Plan? Tax Benefits of Sec 529 Plans Funding a Sec 529 Plan Who Can Contribute to a Sec 529 Plan Gift Limitation and the 5-Year Option Form 709 and Making Up Contributions Higher Education Credits Impact on Financial Aid Qualified Expenses and Recent Flexibility Enhancements Refunds & Recontribution […]
Buy Your Employees (and Yourself) Flowers and Fruit, and Deduct the Cost
Buy Your Employees (and Yourself) Flowers and Fruit, and Deduct the Cost Under the de minimis fringe benefit rules, your business deducts the cost of giving you or your employees flowers, fruit, books, and similar property under special circumstances. The recipients—you or your employees—receive these fringe benefits tax-free. You can’t do this too often or […]