Starting up a new business requires the owner or owners to make many decisions that will affect the tax treatment of profits and losses. Incorporating a business protects the personal assets of owners or shareholders from creditors or lawsuits.
It’s never a pleasant experience to check the mail and find a letter from the IRS. Over the last decade, the use of IRS correspondence tax audits has skyrocketed.
Budget cuts over the last five years have affected customer service at the IRS. In April, we discussed how furloughs of IRS workers and a hiring freeze also resulted in weaker enforcement of tax laws.
It's been quite awhile since we've discussed alimony in this blog.
When legitimate warnings go unheeded, it is only natural to revisit them when the warned-of events come true.
"It is better to be loved than feared," Machiavelli advised in his famous essay "The Prince."
Forewarned is forearmed.
In part one of this post, we noted that the home-office deduction has come to have some fairly complicated features for such a basic deduction.
With so many people now self-employed, or working at home on employer-provided laptops, the home-office tax deduction has become more important than ever.
It's been more than half a year since we last devoted a post to e-filing.