If you were thinking of getting additional office help and wanted to hire someone on a part-time of full-time basis you need to understand the difference between employees and independent contractors. There is a major difference between employees and independent contractors when it comes to how much tax you as an employer has to pay and withhold […]
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Posted in:Business Tax ArticlesHere are some important facts you need to know before deducting charitable donations/contributions. Note that in order to deduct charitable contribution you need to itemized your deductions on Schedule A of form 1040 Charitable contributions must be made to a qualified charitable organization. Qualified means that the charity is registered with the IRS and has received a status of qualified organization. The most common […]
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Posted in:Personal Tax ArticlesReligious organization can provide to clergy ministers non-taxable benefits referred to as parsonage allowance. It’s done as part of total compensation paid to the minister. How does this work? Religious organization can provide to a minister with rent-free furnished apartment or housing that is owned by the religious organization. Religious organization also can pay the […]
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Posted in:Business Tax ArticlesWith today’s technology many people can run and operate a business out of their homes. Many clients may be able to take a home office tax deduction when filing their tax returns. What do you need to know about claiming the home office tax deduction? Generally, in order to claim a business tax deduction for your home, you must use […]
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Posted in:Personal Tax ArticlesGenerally, you cannot deduct amounts that you approximate or estimate. You should keep proper records to prove your expenses or have sufficient evidence that will support your own statement. You must generally prepare a written record for it to be considered Proper. This is because written evidence is more reliable than oral evidence alone. However, […]
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Posted in:Business Tax ArticlesThis material was written and prepared by TaxBizPro, LLC © 2009 You have a great idea, you are excited and now you want to start your business. So you are asking yourself, where do I begin? First you need to understand that in any business you need to have a plan and a good tax […]
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Posted in:Business Tax ArticlesMany clients ask me what they can deduct and what they can’t deduct? So I am providing the following lists of NON deductible expenses: Expenses You Cannot Deduct Expenses that were reimbursed by your employer. Apartment Rent, unless qualified to claim away from home expenses for a business trip expected to last one year or less, or if […]
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Posted in:Personal Tax ArticlesMany clients ask me what they can deduct and what they can’t deduct? So I am providing lists of possible deductions. The lists are only meant to give you an ideas. These tax deductions are not all-inclusive and not all items are deductible all the time. Many are subject to limitations, may only apply in certain situations. Please keep […]
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Posted in:Personal Tax ArticlesIRS Circular 230 Legend: Any advice contained herein was not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state, or local tax payments or penalties. Unless otherwise specifically indicated, you should assume that any statement in this website or articles that relating to any U.S. federal, state, or local tax matter was written in connection with the promotion or marketing. Disclaimer: Any articles herein is designed for general information only. The information presented at this site should not be construed to be formal legal or tax advice. Each taxpayer should seek advice based on the taxpayer's particular circumstances.
