How Do You Really Know If Its Really IRS Calling
Telephone scams have been on the “Dirty Dozen” list of the IRS for some time now. The following adage is true, where there is a will, there is a way, and each year unscrupulous individuals seem to find ways to use a telephone and other scams to bilk unsuspecting individuals out of thousands and thousands of dollars. So, how do [...]
Virtual Currency FAQs
The use of virtual currencies have become more widespread in today’s economy. According to the IRS, a virtual currency is “a digital representation of value that functions as medium of exchange, a unit of account, and/or a store of value.” Virtual currencies may be used to pay for goods and services or used as investments. Virtual currencies can also have [...]
Differences Between Exemptions, Credits, and Deductions
Knowing the difference between an exemption, a credit and a deduction, can be confusing. In this article, we are going to summarize each topic for you. EXEMPTIONS: A tax exemption can reduce or eliminate your obligation to pay taxes. For tax purposes, there are two categories of exemptions: personal exemptions and dependency exemptions. Each exemption that is claimed reduces income [...]
Key Legislative and Regulatory Changes to Affect Small Businesses in 2018
Will your business be impacted by legislative reforms and regulatory changes in 2018? This list of the most significant changes will help you keep pace with the issues most likely to affect you. Tax Reform. In the final weeks of 2017, the GOP passed the first major tax overhaul in decades. It happened quickly, leaving businesses to catch up quickly [...]
Calculating Your Tax Deduction on Qualified Business Income
As you know, new tax code Section 199A offers a 20 percent tax deduction on your qualified business income—if you qualify for the deduction. The mechanics of the calculations can be daunting. But we found a nifty and very easy-to-use calculator at the Bradford Tax Institute. To use the calculator, simply click here.
Protecting Your Business: Legally, Physically and Digitally
From the solopreneur to multi-million-dollar corporations, businesses of every size face risks: legal, physical, and digital. Self-protection can seem bewildering. We’ve broken down ten areas of concern and offered advice that can help you significantly reduce risk and put your business on more confident, secure footing. Make Work a Safe Space: Strive to make the workplace you’ve created supportive of [...]