Archive for 'Tax'

When Is an S Corporation Ideal—and When Isn’t It?

Posted on19. Aug, 2011 by .

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You’ve heard of S Corporations. Your neighbor’s company is organized as an S corporation. And you’ve heard him go on an on about how awesome S corporations are. You’ve heard just about everyone (and their mother) tout S corporations as being the perfect entity. And they are—in certain situations. You see, choosing an entity takes [...]

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It’s March 15. Corporate Tax Returns Are Due!

Posted on15. Mar, 2011 by .

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You want to know how I knew for sure today was March 15? No, I didn’t check my calendar. I checked my e-mail, and there they were: e-mails asking when corporate tax returns are due. Now, I occasionally get e-mails about due dates all throughout tax season, but for some reason, on March 15, I [...]

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Ask the Tax Pro: Can I be Both a Contractor and an Employee?

Posted on04. Feb, 2011 by .

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Taxpayer says: Hello and thank you for your helpful website! I have been unable to find an answer to this question and I hope you can help. I live in California and work part-time for a small business that is a corporation. I will be moving to Texas and my current employer and I have [...]

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IRS Will be Ready to Accept Returns on February 14

Posted on24. Jan, 2011 by .

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I previously mentioned that the IRS wouldn’t be ready to accept certain e-filed or paper returns until sometime in February. They’ve now announced a definitive date: February 14. The returns that are impacted are those that claim deductions on Schedule A (mortgage interest, property taxes, medical expenses, etc.), the higher education tuition and fees deduction [...]

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Ask the Tax Pro: Can I Deduct Legal Fees for a Divorce?

Posted on21. Jan, 2011 by .

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This question was asked in the comments section of one of my Ask the Tax Pro posts, and it’s a really good question; one that I get asked often. Taxpayer asks: I was sued in 2010 for a divorce that never went through. I spent $3,000 in atty fees. I am self-employed as a Physical [...]

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Ask the Tax Pro: I Was Audited, Can I Still File?

Posted on17. Jan, 2011 by .

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Tabari asks: I was audited last year, but with all the moving, I never received my audit paperwork, can I still file this year or do I need to take care of the audit first While getting audited isn’t fun, having to also pay penalty and interest for late filing a return would be even [...]

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Tax Season 2011 — Are We There Yet?

Posted on15. Jan, 2011 by .

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The 2011 tax season officially opened for business yesterday, with a few kinks no less. First, the good news: you now have 3 more days to prepare your return. Returns will now be due on April 18 instead of the usual due date of April 15. The due date extension is apparently so there aren’t [...]

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Ask the Tax Pro: Do I have to Issue a 1099 to an Artist?

Posted on08. Jan, 2011 by .

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Ken, who runs a for-profit consignment gallery asks: We have always filled out 1099-Misc forms for all of our artists who earn more than $600. I have an artist who is insisting that she doesn’t need to provide her tax ID # to us because her artwork is a good and not a service and [...]

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What the Tax Deal Would Mean for You

Posted on09. Dec, 2010 by .

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For a while there has been nothing but talk about the Bush-era tax cuts.  Millionaires wanted them elliminated.  Republicans wanted them to remain in place, permanently even.  Then this week you heard that Obama announced a deal was made with Republican leaders regarding said tax cuts.  But what exactly does it all mean?  And how [...]

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The IRS Wants to Give You Money

Posted on20. Nov, 2010 by .

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Really. They do. This year, like all the others before it, the IRS is trying to return undeliverable refund checks to a few taxpayers. This time around they’re on a mission to return $164.6 million, with an average of $1,471 per check. Do the math; that’s 83 million cups of coffee or clean drinking water [...]

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