One of the most asked question that I get at the tax desk is how long should I keep my tax returns. You've probably heard that seven years is the perfect period to hold onto your tax returns. However, the actual time to keep records isn't quite that simple. You probably don't need to keep every little piece of paper, because different records require different holding times. Let's take a look at some of them.
With continuing phone and in-person scams taking place across the country, the IRS wants to help taxpayers understand how and why agency representatives may contact taxpayers.
In most instances, the IRS sends a letter or written notice to a taxpayer in advance, but not always. Depending on the situation, IRS employees may first call or visit with a taxpayer.
One of the biggest hypes going around the internet, knocking on your front door, or blasting through your TV is all about how you can have solar installed on your house for no cost to you. But, the devil is in the details as they say.
They cook the books by saying that, IF you consider two factors:
The Internal Revenue Service today reminded employers and other businesses to file Tax Year 2022 Form W-2 and other wage statements by January 31, 2023.
The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns. Taxpayers requesting an extension will have until Monday, October 16, 2023, to file.
More than 168 million individual tax returns are expected to be filed, with the vast majority of those coming before the April 18 tax deadline. People have three extra days to file this year due to the calendar.
Working as a tax preparer for over 20 years, I found the following article from Ron Paul spot on. I would like to share it with my readers:
Trump’s Tax Returns Show Evil of the Income Tax
Committee was to make public several years of Donald Trump’s tax returns, which the Committee obtained after a prolonged legal battle. The tax returns confirmed that, despite being one of the richest people in America, Donald Trump paid very little in federal income tax. In fact, in at least one year he paid under a thousand dollars.
There are some new state laws that will have an effect for businesses going into 2023. The one that will probably have the most effect is that twenty-seven states will see minimum wage increases in 2023 with the majority of the states implementing them starting Jan. 1.
This new salary floor comes as a result of calls from workers' rights groups, elected officials and others to increase wages for low-income workers. The increases in minimum wage ranges from $9.95 to 15.74 among the various states.
It's the beginning of new year (2023) and of course, Congress has passed some new taxes for all the corporations in the country. While this will not affect most small businesses, I will briefly discuss them here for your consideration.
The first is contained in Notice 2023-2, which provides interim guidance regarding the application of the corporate stock repurchase excise tax until the issuance of proposed regulations.
The Internal Revenue Service has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
The Consolidated Appropriations Act (CAA), 2023 that just passed Congress includes the retirement package, SECURE 2.0. Here are the major changes that can affect you and/or your small business:
The Saver's Credit is becoming the Saver's Match for tax years beginning after December 31, 2026
One of the biggest headaches that those of us who design and maintain websites have are spammers. Those nefarious people who try to invade your website and use your servers to send out their junk to the masses. Since I maintain my own virtual private server (VPS), one of the biggest problems was spending the time to go in and delete the bogus accounts that were created or checking the logs to see if someone had found a way to insert malicious code into the site.
One of the most common questions I get from people opening a business for the first time is, 'How do I deduct all of the many expenses incurred before the business actually opens its doors?' Most of these can be handled as either start-up expenses or organizational expenses. You can think of organization expenses as creating the paperwork part of a business and start-up expenses as setting up the physical structure of a business.