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Posts tagged "IRS"

Tax benefit of home ownership challenged by proposed reform

The current tax proposal under consideration in Congress has a direct impact on homeowners. Essentially, the proposal removes deductions for state and local taxes paid on property that a homeowner can claim on federal tax returns. This can result in an increase in one’s federal tax bill. A publication in The Washington Post discussed this issue, noting this is just one of many tax obligations home owners should note that could change as a result of tax reform.

Top tip to avoid tax refund fraud

Tax season is just around the corner. As we get our tax filings in order, it is important to keep in mind the dangers of tax refund fraud. This practice is on the rise in recent years. As noted in a piece in The Huffington Post, the reliance on digital technology likely plays a role in the increase in this form of fraud.

Avoid IRS tax penalties with these tips

Tax penalties can apply in a number of situations. One example involves a failure to pay enough taxes during the year. Generally, a taxpayer should account for at least 90 percent of an individual’s tax obligation through withholdings. A failure to do so can result in penalties.

Drive for Uber? Sell on Etsy? Tax tips for the sharing economy.

The term “sharing economy” refers to those who provide goods or services through online platforms. The options for employment in this market are seemingly endless. Some offer transportation services through Uber; others sell homemade goods on Etsy. The platforms that offer employment in this market are alluring for a number of reasons. One of the benefits is the convenience of employment without the restrictions common in typical jobs.

IRS called to increase small business audits

The Treasury Inspector General for Tax Administration (TIGTA) recently reported that small businesses and merchants who make use of platforms like Uber or Etsy are not properly reporting their income. This accusation is supported by discrepancies that were found between numbers filed on Form 1099-K and individual tax returns. These discrepancies are likely to trigger audits to dig into the issue.

Two ways to help determine if a nexus is present

Entrepreneurs are always looking for ways to expand their businesses. Some attempts are successful and yield results. Others are what are best referred to as learning opportunities. In some cases, the two can overlap. One example involves expanding a business into another state.

IRS to crack down on unreported employment tax

The United States Treasury Inspector General for Tax Administration (TIGTA) recently released a report finding “billions of dollars of employment taxes are uncollected.” As a result, the Internal Revenue Service (IRS) is focusing in on businesses that have allegedly unreported and underreported their employment taxes. 

Win big at the casino in MN? Don’t forget about Uncle Sam’s cut.

Winning big at a casino is cause to celebrate. But, before celebrations get too out of hand, be sure to keep in mind that a chunk of those winnings will go to Uncle Sam. A failure to pay these taxes can result in an audit, which could lead to penalties and fees that may exceed the winnings. 

Entrepreneurs can use this tip to maximize their bottom line

Entrepreneurs are go getters. These business men and women have that extra grit that’s needed not just to get ahead in the business world, but to forge their own path. As such, these canny business experts are always looking for new ways to maximize their bottom line. One news source that is dedicated to this group, Entrepreneur, recently published a piece with some advice on how to mitigate costs and maximize a business’ bottom line.

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