TAX FREE LIVING

If you discover that you forgot something on your tax return, you can amend that return after it has been filed. The need to amend can include a number of issues: Receiving an unexpected or amended K-1 from a trust, estate, partnership, or S-corporation. Overlooking an item of income or receiving a corrected 1099. Forgetting… Continue reading »

With the explosion of online businesses, one would think that there would be a standard method of deducting the cost of your business website. But some questions still exist as to what part of a website is considered software, and to date, the IRS has not fully clarified that issue for tax purposes. Purchased Websites -… Continue reading »

2013 will bring some big changes for investors, and none of them for the better. Taxpayers affected by these upcoming changes may wish to consider taking actions in 2012 to mitigate the impact of these changes. The following are the changes that will affect investors in 2013. Long-Term Capital Gains Rates Increase - Taxpayers have enjoyed… Continue reading »

Now that you’ve completed your taxes for 2011, you are probably wondering what old tax records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to understand why the records needed to be kept… Continue reading »

The distinction has significant implications for both the employer and the employee. Employers like to treat individuals as independent contractors because they avoid having to match the employees’ payroll tax, pay benefits, pay unemployment insurance, etc. This results in a significant savings for employers. When you are an employee, the employer pays you a net amount after… Continue reading »