Tax Laws

An Audit? Or an Excuse?

A professionals thought on the call for politicians to release income tax returns.
When one submits a tax return, it is assumed they have done their best job, to the best of their ability, to present information that is truthful and accurate to the American government, on their income and expenses. The predominant assumption is that […]

By |March 2nd, 2016|Audit, Tax Laws, Taxes|0 Comments

1040… I just don’t know…

I don’t want to (or don’t have the money to) file my 1040. Whats the worst that can happen?
Some of you think along these lines. There are ramifications to all decisions you make. Lets examine this decision.

If you choose not to file…You leave open the statute of limitations, which is an automatic 3 year period […]

By |February 16th, 2016|1040, Tax Laws, Taxes|0 Comments

Best Tax Law in YEARS

In 2015  an incredibly advantageous tax law pertaining to capital asset deductions was introduced…  and yet it slipped by virtually unnoticed.

In late November, The IRS passed a new law to raise the capitalization requirement (so called “de minimis” rule) for assets used in business, from a level of $500 to $2500.
To some people, this has no major […]

By |February 12th, 2016|Tax Laws, Taxes|0 Comments