Tax Tips Archives

IRS: Home Office Deduction Often Overlooked by Small Business Owners

The Internal Revenue Service today reminded small business owners who work from a home office that there are two options for claiming the Home Office Deduction. The Home Office Deduction is often overlooked by small business owners. As part of National Small Business Week (April 30-May 6), the IRS is highlighting a series of tips …read more

IRS Urges Taxpayers Not to Rush; Choose Return Preparers Wisely

As the tax filing season deadline approaches, the Internal Revenue Service is reminding taxpayers to select who will prepare their 2016 federal tax return carefully. With the filing deadline less than two weeks away, appointments with some tax professionals may be limited. A reputable preparer will ask to see a taxpayer’s records and receipts and …read more

Keep in Mind These Basic Tax Tips for the Sharing Economy

If taxpayers use one of the many online platforms to rent a spare bedroom, provide car rides or a number of other goods or services, they may be involved in the sharing economy. The IRS now offers a Sharing Economy Tax Center. This site helps taxpayers find the resources they need to help them meet …read more

“Where’s My Refund” Tool Best Way to Check Tax Refund Status

The Internal Revenue Service reminded taxpayers today that while more than 90 percent of federal tax refunds are issued in 21 days or less, some refunds may take longer. Many factors can affect the timing of a refund after the IRS receives the return. Also, taxpayers should take into consideration the time it takes a …read more

The Side Gig Tax Time Retirement Play

Are you a newly minted independent contractor? If you got self-employment income from a side gig or your own business in 2016, it’s not too late to divert some of it into retirement savings and get a tax break, even if you don’t have the cash on hand. The solution: a SEP-IRA. A self-employed 50-year-old …read more

What you need to know about 1099-C form

Taxes can get confusing — just looking at the names of some of the forms you have to fill out can be enough to get your head spinning. Like the 1099-C, for example. What is that, and why is it in your mailbox? Well, we’re here to help and answer all your 1099-C questions. What …read more

IRS Revised Safe Harbor for Private Business use of Tax-Exempt Bond Financed Property

In Rev. Proc. 2016-44, the IRS issued new safe-harbor procedures under which a management contract does not result in private business use of property financed with governmental tax-exempt bonds under Sec. 141(b) or cause the modified private business use test under Sec. 145(a)(2)(B) to be met for property financed with qualified 501(c)(3) bonds. Private Business …read more

IRS warns of second wave of W-2 email Scam

The Internal Revenue Service, along with state tax authorities and the tax preparation industry, are cautioning businesses to beware of an email phishing scam using a corporate officer’s name asking for employee W-2 forms from payroll and human resources departments at companies. The IRS said Wednesday it has been hearing complaints this week the email …read more

Top regulatory issues for small businesses in 2017

Even as someone who lives and breathes compliance and regulatory issues, it’s easy to get overwhelmed by the many changes that happen each year. I understand why small business owners say they can’t keep up with the constant regulatory back and forth and how it impacts their business. Paychex recently surveyed more than 300 small …read more

Who Will Prepare Your Tax Return?

As the start of tax filing season approaches, the Internal Revenue Service is reminding taxpayers to start thinking about who will prepare their 2016 federal tax return. The IRS will begin processing tax returns on Monday, January 23. Many software companies and tax professionals will accept and submit tax returns before the IRS systems open …read more