Archive for the ‘Tax Information – Business’ Category

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Ten Tips for Taxpayers Making Charitable Donations

by P. Lewis Robinson
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Aug
31

Did you make a donation to a charity this year? If so, you may be able to take a deduction for it on your 2010 tax return.

Here are the top 10 things the IRS wants every taxpayer to know before deducting charitable donations.

  1. Charitable contributions must be made to qualified organizations to be deductible. You can ask any organization whether it is a qualified organization and most will be able to tell you. You can also check IRS Publication 78, Cumulative List of Organizations, which lists most qualified organizations. IRS Publication 78 is available at IRS.gov. (more…)
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Employee vs. Independent Contractor – Seven Tips for Business Owners

by P. Lewis Robinson
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Aug
26

As a small business owner you may hire people as independent contractors or as employees. There are rules that will help you determine how to classify the people you hire. This will affect how much you pay in taxes, whether you need to withhold from your workers paychecks and what tax documents you need to file.

Here are seven things every business owner should know about hiring people as independent contractors versus hiring them as employees.

1. The IRS uses three characteristics to determine the relationship between businesses and workers:

  • Behavioral Control covers facts that show whether the business has a right to direct or control how the work is done through instructions, training or other means.
  • Financial Control covers facts that show whether the business has a right to direct or control the financial and business aspects of the worker’s job.
  • Type of Relationship factor relates to how the workers and the business owner perceive their relationship. (more…)
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Keeping Good Records Reduces Stress at Tax Time

by P. Lewis Robinson
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Aug
24

You may not be thinking about your tax return right now, but summer is a great time to start planning for next year and to make sure your records are organized.  Maintaining good records now can make filing your return a lot easier and it will help you remember transactions you made during the year.

Here are a few things the IRS wants you to know about recordkeeping. (more…)

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Seven Facts about the Nonbusiness Energy Property Credit

by P. Lewis Robinson
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Aug
17

Thinking about making some energy saving improvements to your home this summer? Taking some energy saving steps now may lead to bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes was increased as part of the American Recovery and Reinvestment Act of 2009.

Here are seven things the IRS wants you to know about the Nonbusiness Energy Property Credit:

  1. The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 claimed for 2009 and 2010 combined. (more…)
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Nine Tips for Taxpayers Who Owe Money to the IRS

by P. Lewis Robinson
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Aug
12

Did you end up owing taxes this year? The vast majority of Americans get a tax refund from the IRS each spring, but those who receive a bill may not know that the IRS has a number of ways for people to pay. Here are nine tips for taxpayers who owe money to the IRS.

  1. If you get a bill this summer for late taxes, you are expected to promptly pay the tax owed including any penalties and interest. If you are unable to pay the amount due, it is often in your best interest to get a loan to pay the bill in full rather than to make installment payments to the IRS. (more…)
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Top 10 Things Every Taxpayer Should Know about Identity Theft

by P. Lewis Robinson
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Aug
10

Taxpayers need to be careful to protect their personal information. Identity thieves use many methods to steal personal information and then they use the information to file a tax return and get a refund. Here are 10 things the IRS wants you to know about identity theft so you can avoid becoming the victim of an identity thief. (more…)

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Seven Things to know about the Taxpayer Advocate Service

by P. Lewis Robinson
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Aug
5

The Taxpayer Advocate Service is an independent organization within the Internal Revenue Service.  TAS helps taxpayers who are experiencing economic harm such as not being able to provide necessities like housing, transportation, or food, taxpayers who are seeking help in resolving problems with the IRS, and those who believe an IRS system or procedure is not working as it should.  Here are seven things every taxpayer should know about TAS. (more…)

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IRS Drops and Gives You 10…Military Tax Tips

by P. Lewis Robinson
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Aug
3

Summer is a busy time for everyone, but particularly for military members and their families. Whether it’s moving to a new base or traveling to a duty station, members of the military have many obligations that could impact their tax situation. Here are 10 IRS tax tips military members should keep in mind this summer to help with filing a tax return next year.

Moving Expenses If you are a member of the Armed Forces on active duty and you move because of a permanent change of station, you can deduct the reasonable unreimbursed expenses of moving you and members of your household. (more…)

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Do You Need to Amend Your Return?

by P. Lewis Robinson
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Aug
2

If you forgot to include some income or to take a deduction on your tax return – you can correct it by amending your tax return.

In some cases, you do not need to amend your tax return.  The Internal Revenue Service usually corrects math errors or requests missing forms – such as W-2s or schedules – when processing an original return. In these instances, do not amend your return. (more…)

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Tax Tips for New Business Owners

by P. Lewis Robinson
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Jul
29

Are you thinking about opening a new business? Here are a few tips to consider beforehand.

  1. Decide which type of entity you are going to establish. The entity type will determine which tax form you will file. The most common types of entities are sole proprietorships, limited liability company (LLC), partnerships, corporations and S-Corporations. (more…)
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