Taxable Fringe Benefits

There are many different types of fringe benefits that an employer may offer its employees, and some of them are considered non-cash income and will be added to your taxable income when your W-2 is issued. Some benefits, specifically insurance types, may not be taxable as income when the premiums are paid, but the proceeds [...]

California Enterprise Zone Tax Incentives

In the United States, certain areas can be designated as an Enterprise Zone by a governing authority. The purpose of these zones is to allow the local government to offer tax incentives in order to stimulate economic development in particular under-developed areas. These are often urban areas that are economically depressed, often subject to urban [...]

2012 Tax-Year Filing – Foreign Investment Accounts

The U.S.government issued a law in March, 2010, called the FATCA, or Foreign Account Tax Compliant Act, which is designed to identify foreign investment accounts held by U.S.taxpayers. This law is meant to compel American taxpayers, those who have “neglected” in the past to inform the IRS about their foreign accounts, to come clean and [...]

Quickbooks Data Files and an IRS Audit

The worst nightmare you can possibly imagine for your business has come true – the IRS has asked to audit your tax files! Okay, maybe not the absolute worst, but this certainly ranks up there in the top five. Your chances of an audit are actually very low. The simple fact is, the IRS doesn’t [...]

How to Spot White Collar Crime

The term “white collar crime” was first used by sociologist Edward Sutherland in 1939, when he described it as “a crime committed by a person of respectability and high social status in the course of his occupation.” Since then the term has been further defined as a financially motivated, non-violent crime conducted by business or [...]

A Guide to Tax Deductible Donations to Non Profit Organizations in The United States

The IRS recognizes certain organizations as nonprofit or not-for-profit entities, a distinction that requires strict eligibility criteria be met, in order for any contributions to such organizations to be considered “tax deductible” on a federal income tax return. These organizations are generally founded for purposes that include charity, education, religion, scientific exploration, or amateur sports [...]

Tax Subsidies and Tax Exempt Status of The Rich and Famous

In this time of deep political division in our country, when half the people are calling for increased taxes on the “wealthy” and half are calling for no tax increases but significant spendingcuts, it’s prudent to sit back and take a few moments to regain some perspective. We should all agree that everyone must pay [...]

What Can You Claim Back on Taxes When You Are Self-Employed?

If you work from home, either as a consultant to other businesses or as a fully self-employed person, there are a lot of things that you can claim back on taxes as expenses in order to reduce your taxable income.   In order to be ready at tax time, and just to be sure that [...]

5 Tips for Lowering Your Tax Bill By the End of the Year

It is your obligation to pay your income taxes every year to the IRS, but it is not your obligation to pay any more than necessary. There are many legal ways to lower your tax obligation.  Even now, this close to the end of the year, there are still steps that can be taken to [...]

Don’t Make These 8 Tax Filing Mistakes

 When it comes to filing your taxes, pretty much everyone is afraid that at some point they will make a mistake that will bring the wrath of the IRS down on them in the form of the dreaded audit.  The good news is, tax preparation software is so inexpensive and ubiquitous these days that most [...]