As businesses hire temporary employees (or agencies) to complete end-of-year work, it is critically important for such workers to be properly classified. Classification mistakes can lead to host of taxes and penalties.Knowing the difference between employees and...
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Income Taxes
Year end tax planning tips
While many of our readers are preparing for office Halloween parties, it may be easy to lose sight of the fact that the end of the year will be coming soon. Indeed, 2018 may still be two months away, but with all the celebrations and time off that comes with the...
How to hold on to profits after selling your home
One of the largest purchases a person will make in life is their home. It also follows that the largest sale a person may make is the sale of their home after it is paid off (or it increases in value). However, some people facing the prospect of a windfall from a real...
Are more people failing to report income from part-time jobs?
In today’s economy, part time jobs (affectionately called side hustles) are just as common as Twitter followers for pop stars. Whether it is to save up for a trip of a lifetime or to pay off credit card debt, more Americans, particularly millenials, are...
Key tips for National Preparedness Month
The recent natural disasters in Texas and Florida are unfortunate reminders of why we should take National Preparedness Month Seriously. Indeed, Southern California is not likely to be affected by a hurricane, but earthquakes and wildfires remain real dangers. As part...
Can Mayweather-McGregor tickets be tax deductible?
Those who believe that boxing has simply become a circus-like spectacle may be proven right this weekend when UFC champion Conor McGregor steps into the ring to face former champion Floyd “Money” Mayweather, Jr. The exhibition is expected to be a pay-per-view bonanza...
How much in taxes will you owe from your next flip?
If you’re a fan of HGTV’s “Flip or Flop” series, you probably have considered flipping houses as an investment strategy or business. After all, the shows make it seem like renovating houses is a quick and lucrative process to make a great deal...
How to avoid reporting problems on your next return
With the 2018 tax season far away, it is easy to forget about what is necessary to process a proper return. It is akin to kids being on summer vacation and forgetting most of what they learned the previous year. But like children preparing for another school year, it...
Did the IRS allow improper tax credits last year?
In a number of our posts we highlighted how private debt collectors would be dispatched to collect on dormant taxes as a result of the PATH legislation. It was created to generate and divert tax revenue for infrastructure projects. In addition to new collection...
Can tax savings come from private placement insurance?
Tax savings comes in many forms. While many individuals and businesses focus sound financial practices, others may flock to insurance to limit what is owed to Uncle Sam. According to a recent Bloomberg.com report, the use of insurance dedicated funds is becoming a...