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Tax Preparation: Taxable and Non-Taxable Income

More information from the IRS assisting with tax preparation and planning. What You Need to Know about Taxable and Non-Taxable Income All income is taxable unless a law specifically says it isn’t. Here are some basic rules you should know to help you file an accurate tax return: Taxable income.  Taxable income includes money you …read more

Tax Preparation: Deducting State and Local Taxes

What you need to know about deducting state and local taxes The federal income tax rules for deducting state and local taxes should be familiar to most people, but it’s always smart to make sure you know them. So here’s a primer: Itemized deductions for state and local income and property taxes If you own …read more

IRS Looking for Excessive Claims for Business Credits

Excessive Claims for Business Credits is on IRS “Dirty Dozen” List of Tax Scams for the 2016 Filing Season WASHINGTON — The Internal Revenue Service today warned that taxpayers should watch for improper claims for business credits, which is on the “Dirty Dozen” list of tax scams for the 2016 filing season. “The IRS is …read more

Tax Preparation: Reporting Health Coverage

Information from the IRS about reporting health coverage when doing tax preparation.  Provided as a courtesy by The Tax Consultancy Group. Tax Preparation: Reporting Health Coverage on IRS Tax Forms While most taxpayers will simply need to check a box on their tax return to indicate they had health coverage for all of 2015, there …read more

IRS scam calls and emails

Scam Calls and Emails Using IRS as Bait Persist Scams using the IRS as a lure continue. They take many different forms. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your …read more

Your Social Security Benefits May be Taxable

Tax planning and preparation from the IRS included here by The Tax Consultancy Group to assist you with your 2015 taxes. If you receive Social Security benefits, you may have to pay federal income tax on part of your benefits. These IRS tips will help you determine if you need to pay taxes on your …read more

IRS to Parents: Don’t Miss Out on These Tax Savers

2016 Tax Planning and Preparation Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return: Dependents.  In most cases, you can claim your child as a dependent. You can deduct $4,000 for each …read more

Falsely Padding Deductions

The IRS annual “Dirty Dozen” list of tax scams to avoid includes falsely padding deductions. From the IRS:  IR-2016-21, Feb. 10, 2016 WASHINGTON — The Internal Revenue Service today warned taxpayers to avoid the temptation of falsely inflating deductions or expenses on their returns to under pay what they owe and possibly receive larger refunds. …read more

Hiding Money or Income Offshore

Hiding Money or Income Offshore Resides on the “Dirty Dozen” List of Tax Scams for the 2016 Filing Season WASHINGTON — On February 5,2016 The Internal Revenue Service declared that avoiding taxes by hiding money or assets in unreported offshore accounts remains on its annual list of tax scams known as the “Dirty Dozen” for …read more

Characteristics of LLCs VS S Corporations

New entrepreneurs put a lot of time and thought into incorporating and choosing a business structure. After all, it’s the first big legal decision to make for the business — and there are plenty of second and third-hand anecdotal horror stories about the founder who picked the “wrong structure” and got screwed over at tax …read more