Financial New Year Resolutions
Attempting to get personal or business finances in order, after neglecting them for a period of time, can seem like a daunting process. January is a prime time to make a resolution and create a plan.
Attempting to get personal or business finances in order, after neglecting them for a period of time, can seem like a daunting process. January is a prime time to make a resolution and create a plan.
The scores are in! According to recently released IRS data for 2012, you have to make $434,682 or more in AGI (Adjusted Gross Income) to classify as the top 1% of taxpayers.
Misrepresentation or erroneous reporting of tax deductions can quickly lead to an IRS audit. A key component that the IRS will look at if an audit is triggered is the separation of business and personal expenses. Keeping thorough, organized, and accurate records is essential for a taxpayer to protect him or herself from additional and unnecessary tax expenditures.
This year at the 85th Annual Academy Awards, the nominees received swag bags with an estimated fair market value of $168,000. As we celebrate the best of the best for their contributions to cinema in 2014, it should be noted that these swag bags will be taxable as income on the nominees 2015 individual tax return (1040).
The article below touts the virtues of Roth conversions and life insurance purchases as tax savings tools for high net worth individuals.
The rising cost of bookkeeping makes it prohibitive to staff an individual or even a small team to accomplish this task. Beyond simply the cost, the risk of inaccurate figures or incorrect quarterly tax payments can be distressing to already overworked business owners.
The IRS is taking a closer look at employers who try to evade employment taxes.
Business owners are often reluctant to utilize the Series Allowance under the Delaware Series LLC statute. This allowance permits a business owner to create separate ventures within one LLC, but directs that each internal venture be insulated from the other ventures’ liability.
This article describes the possibility and drawbacks of running multiple businesses under the umbrella of one LLC.
The Congressional Budget Office recently appointed a new director. This director faces many challenges as he assumes this role, one of which is a recently changed method of budget analysis.
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