Are you considering accepting bitcoins as payment? If so, you should know the tax implications of accepting bitcoins in your business and the major pros and cons of doing so. I’m going to use an example to explain this. Example.…
The new 2018 Section 199A tax deduction you can claim on your IRS Form 1040 is a big deal. There are many rules (all new, of course), but your odds as a business owner of benefiting from this new deduction…
Tax Identity Theft Isn’t Limited to Individual Returns The Internal Revenue Service issued a bulletin in December 2017 warning small businesses to be vigilant against increasing tax identity thefts against employers. It was noted that the IRS saw a large…
Does your rental property activity meet the definition of a trade or business activity? If yes, your rentals produce the best possible tax benefits. Generally, you report your rental properties on Schedule E of your tax return. When your activity…
Stopping a wage garnishment in Michigan for taxes owed is a common issue for many Michigan residents. When a tax bill from the IRS or the State of Michigan is unpaid or ignored, the IRS or State of Michigan Taxation…
Man Claims He Didn’t File Tax Returns Because of the Bible: James Schlosser of PA was convicted of failing to file tax returns for 21 years because he considered using a Social Security number akin to using the “mark of…