IRS: Don’t be victim to a ‘ghost’ tax return preparer
The IRS warns about ‘ghost’ tax return preparers.
What do I do if I don’t receive a 1099-MISC?
Filing a 1099 is the responsibility of the payer, not you the recipient. You will not be penalized if the company who pays you doesn’t file a 1099 to report the payments. That’s their problem – not yours. Your responsibility is to declare all of the taxable income you receive, whether or not it’s supported … Read more
Meals & Entertainment After Tax Reform
Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The chart below shows you how the Tax Cuts and Jobs Act treats 12 meal and/or entertainment events. Amount Deductible for Tax Year 2018 Description 100% 50% Zero Meals with clients … Read more
Tax Reformers may have eliminated business meals & entertainment expenses by mistake!
Tax professionals want tax deductions for business meals with clients and prospects. Business owners want those meals deductible, too. Add us to this list. We want that deduction for our clients (and, of course, for ourselves, too). In recent days, we learned that lawmakers did not intend to eliminate business meals with clients and prospects. … Read more
Business Use of Automobile
I am in the process of purchasing a new vehicle for business use. I want to purchase this before the end of the year for tax reasons. A point of clarification. You sent me correspondence to me that explains the depreciation schedule. It is somewhat based on Gross Vehicle Weight. Am I correct in assuming the depreciation of a … Read more
